The UAE economic recovery will further strengthen in the second half as the successful vaccine drive, stimulus plans, visa reforms, and government policy actions facilitate businesses.
All this and more has restored confidence in investors and consumers, experts say. Leading corporate executives and industry leaders say the non-oil sector will continue to drive economic recovery in the second half as the government successfully implemented policy measures to contain the Covid-19 pandemic in the country. UAE businesses proved their resilience in the most challenging times and are now looking ahead to a promising future.
Sachin Gupta, General Manager of Gulf Pinnacle Investments (GPI), the UAE subsidiary of Gulf Pinnacle Logistics, said. Economic activity is picking up and will gradually return to the pre-Covid era in due course.
Referring to stimulus packages worth Dh7.1 billion ($1.93 billion) announced by the Dubai government since the outbreak, he said these stimulus plans played a crucial role in reviving economic activity in the emirate.
"There are positive signs for recovery in the second half of the year as most economic activities have already resumed. The outlook for most Middle Eastern economies looks positive in the latter part of the year, however keeping coronavirus levels low will be essential to ensure a sustainable recovery in coming months," Gupta said.
Gulf Pinnacle Logistics is a logistics and transportation company. It is an 'integrator' of the highly fragmented mid-sector market, encompassing the business models of -- freight-forwarding, warehousing, and courier services.
Referring to the latest data released by the Central Bank of the UAE, Gupta said the country's economy is expected to post 2.4% and 3.8% growth in 2021 and 2022, respectively.
"Economic recovery will get a boost when rest of the world opens up in coming months. Expo 2020 in Dubai, the 2022 FIFA World Cup in Qatar, and an easing of tensions in the region will also support growth," Gupta said.
Najeeb Kabeer, partner and managing director of Century Express Courier Services, said the region's economy is in an excellent position to capitalise on the emerging growth opportunities.
"Preparations are in full swing to give final touches to Expo 2020 Dubai in October. In addition to this, tourist activity will pick up with the opening of international borders, and increasing oil demand is also a good omen for the global economy," Kabeer said.
Century Express Courier Services caters to the domestic and international markets through its fleet and a network of agents delivering shipments to more than 195 countries. The company focuses on same-day and next-day express delivery services catering to the growing demand for priority shipments.
"The pandemic looks to be under control in the Gulf region as the governments rolled out an effective vaccine drive. The situation is also under control in China, Europe, and the US, and it will help resume international traffic in coming months," Kabeer said.
Rodney Viegas, Chief Executive of Abdul Muhsen Shipping LLC and So Safe Logistics LLC, said global trade in general and demand for maritime services, in particular, are expected to stage a quick rebound during the second half of the year.
Referring to a future trade report released by Dubai Multi Commodities Centre, he said the global economy showed a 'surprising resilience' in 2020 despite the Covid-19 pandemic crisis.
"Maritime trade is gaining momentum with every passing day as the demand picked up, especially from China, Europe, and the US. This is a positive trend, and the industry is confident of quick turnaround in the second half of the year," Viegas said.
Abdul Muhsen Shipping LLC was established in 1991 to provide shipping and warehousing services, focusing on import and export services mainly by sea through the Jebel Ali Port. The company has its head office in Dubai and the warehousing facility in Jebel Ali Free Zone.
"Dubai economy proved its resilience once again after quick bounce back from surprised Covid shock last year. The emirate's economy is on track to post 2.4% GDP growth this year as the government announced timely measures to contain the pandemic," Viegas said.-- TradeArabia News Service