UAE Economy, Tourism Keep Going

Irrespective of the tremors and shockwaves that UAE, too, experienced at the hands of recent upheavals in global economy, the country’s economic lifeline is rock solid and is driven by an inspirational leadership and adaptable policies.

Published: Sun 25 Jan 2009, 9:43 PM

Last updated: Mon 6 Apr 2015, 12:31 AM

One can see not only new businesses coming up in Dubai and UAE but also tourists in a large number. The ongoing Dubai Shopping Festival, and its huge success, is an indication of economic and tourism viability that this country so proudly boasts. Moreover, banks that had adopted a cautious approach in financing new schemes are back in action. On the real estate sector as well, which is Dubai’s pride and identity, a turn around is on the anvil as it responds to the trends of supply and demand.

Dubai and UAE have always been upfront in facing realities of the world around it. And this was well reflected in the budget that focused on an increased public spending, with no new government fees or taxes. Dubai, too, unveiled a Dh37.7 billion budget for the year 2009, representing a record 42 per cent increase in public spending, and took no qualms in pointing out its first-ever fiscal deficit of Dh 4.2 billion. What make this country unique and inspiring are its big-ticket businesses, and the initiative to churn out wonders. The UAE is already an incredible success story. It is today not only a source of envy and admiration in the region but also a source of inspiration to the rest of the world. The country firmly remains focused on its ambitious agenda of all-round political, social and economic progress it has set for itself. Dubai Strategic 2015 Plan, which aims to bolster the emirate’s leading position in world economy, is also very much on the track.

The government by responding to the demands of the people, especially in view of economic crunch, has come up with a couple of friendly initiatives such as reining in rents, and encouraging enhanced spending in all sectors of the economy. Similarly, UAE continues to serve as a hub of employment and financial investment. One hopes by making an opportunity out of the ongoing global economic disaster, UAE will continue to acclaim new heights in development and prosperity. UAE’s talk of bouncing back is not just an assumption. Its confident leadership and policies can turn things around.