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UAE will quickly overcome economic adversities

Staff Report/Dubai
Filed on October 11, 2020

(KT file)

In the short-term, we have seen the gradual opening of diverse business activities which brought in a momentum to the market, said Dr Dhananjay Datar, founder of Al Adil Trading

Dr Dhananjay Datar, popularly known as the Masala King, reiterated the fact that UAE is one of the very few countries in the world that has almost reached the pre-Covid economic level.

"World-over, over the past few months, we have seen wide range of business and economic implications that were of great concern. Almost all countries in the world have suffered major financial, health as well as various other setbacks. But unlike many other countries, the UAE is back on fast track growth and this has been made possible thanks to the clear policies outlined by the visionary leaders of this great country," Datar said in a statement on Sunday.

It goes without saying that while many people gave themselves up to the times, visionaries used this period to think differently, adapt and implement policies that are conducive to growth. According to Dr Datar, founder and managing director of Al Adil Trading, this is what differentiates winners from losers.

"It is very obvious that the UAE had a very clear cut action plan when the pandemic struck. With great foresight UAE developed a very well thought out plan to take care of the economic aspects on account of the pandemic. The leaders stressed the need to ensure that all aspects related to the economic implications of Covid-19 are properly addressed. A strong and clear cut plan was implemented to ensure economic stability.

"Great emphasis was placed on quick recovery and continuity of business leading to long term sustainability. While it is true that the entire global economy was affected it is the resilience of this market that has helped it to bounce back in the shortest possible time. This is also on account of UAE's market competitiveness and the strong ability to rise above challenges," he said.

"When I analyse the economic activities over the past few months, I realise that there is a very strong strategy framework, that was rolled out to foster growth. In the short-term we have seen the gradual opening of diverse business activities which brought in a momentum to the market. It is important to note that this was implemented without any compromise on the safety of all parties involved.

"Apart from bringing a strong momentum to the market, this also resulted in enhancing consumer sentiments, strengthening trade confidence and motivating everyone to move forward. This was supplemented by a wide range of stimulus packages designed to support the various sectors that got affected. We have noticed that these packages have accelerated growth and many business establishments have been able to sustain themselves on account of this. In the past few weeks, we have noticed a growth in investment in various sectors that have high growth potential. This has put UAE in a very strong position, globally, especially considering the fact that the entire business community is well positioned to take full advantage when things return to normalcy in the coming months," he pointed out.

business@khaleejtimes.com


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