A Trailblazer in Excellence

As the UAE marks 50 years, Hamad Buamim, President and CEO of Dubai Chamber, brings to the spotlight the country’s post-Covid-19 scenario and impact of Expo 2020 Dubai to its economy

As the UAE celebrates its 50th National Day, the country is reaping economic benefits across a wide variety of sectors. New and exciting economic prospects are being created by Expo 2020 Dubai. Increased government support for the private sector, success in overcoming Covid-19-related challenges, new business incentives, easing travel restrictions and higher oil prices are among the other key factors that are boosting business confidence at the moment.

The UAE has spent billions of dirhams’ stimulus measures to support businesses since the Covid-19 outbreak began last year. A successful Covid-19 vaccination programme and comprehensive testing have also contributed to the rebound in business activity.

Dubai’s non-oil economy grew steadily this year as business conditions registering the sharpest improvement in two years, boosted by a strong rebound in new orders and Expo 2020 Dubai reviving tourism. Only a month after the event began, the number of tourists in Dubai reached the three million mark.

Expo 2020 Dubai has played an important role driving the UAE’s economic growth and development. Trade, tourism, hospitality and logistics sectors are feeling the Expo effect. The mega event is creating far-reaching benefits that will reach other market segments as well and drive the emirate’s sustainable growth and economic progress.

More than three in four companies in Dubai expect Expo 2020 Dubai to benefit their business in the fourth quarter of 2021, according to a recent survey by the Dubai Chamber, which found that business confidence in the emirate reached its third-highest level in 10 years as companies begin to feel the positive impact of the world’s fair that began on October 1, the Business Leaders’ Outlook for Q4 2021 survey said.

As the Official Business Integration Partner for Expo 2020 Dubai, Dubai Chamber has been bringing the UAE businesses and their global counterparts together at high-level business forums at the world expo such as the Global Business Forum Africa (GBF Africa), which explore new avenues of economic cooperation. Through its theme ‘Connecting Minds, Creating the Future’ and its themes of ‘opportunity,’ ‘mobility’ and ‘sustainability,’ Expo 2020 Dubai has brought the world’s nations together in the first true post-pandemic global event.

Dubai non-oil foreign trade grew 31 per cent year-on-year in the first half of 2021 to Dh722.3 billion, the emirate’s media office said on Sunday. Exports grew 45 per cent to Dh109.8 billion, while imports rose 29.3 per cent to Dh414 billion. Re-exports from the emirate, the Middle East’s trade hub, were up 28.3 per cent to Dh198.6 billion in the first six months of the year.

The trade growth is an indication that Dubai’s efforts to elevate its position as a global logistics and trade hub are bearing fruit. The growth of exports and re-exports of our members is positive indicator for business activity in Dubai. The value of exports and re-exports of Dubai Chamber members increased 21.8 per cent year-over-year to reach Dh147.3 billion in the January-August 2021 period, supported by a rebound in trade activity in Dubai. Significant investments in the emirate’s logistics facilities over the years enabled it to keep supply chains steady. Unlike other major cities around the world, Dubai didn’t experience large-scale shortages of goods, which is a testament to its world-class ports, freezones and airports, as well as its diversified trade partnerships.

The UAE’s resilience and strength in the face of unprecedented challenges comes from the government’s extraordinarily strong focus on supporting the private sector and providing a stable and strong base for companies to conduct and grow their business.

Additionally, Dubai continues to play on its strength of being a hub for international trade and strengthening this pillar of the economy. The emirate’s strategic location, sound financial and political system and pro-business regulations have made it the ideal trading partner.

Over the years, Dubai has built very strong ties with Asian, Latin American and African countries, enabling companies from these regions to leverage its strategic geographic position and boost their global reach. Even during challenging times, Dubai continued to forge new partnerships that support With its eye on the future and forward-looking leadership and policies, Dubai is well-positioned to capitalise on untapped potential and continue to grow as a strategic trade and investment hub. With its strong focus on innovation, inclusive development and forward-looking policies, the UAE has emerged as a trailblazer in the post Covid-19 era, setting a benchmark for others to follow.

This National Day is a milestone in our country’s history. It is a time to pay homage to the UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan, remember the contributions of leaders and founding fathers, as well as the sacrifices of our martyrs, which have made the UAE the great nation that it is today. I congratulate our wise leadership, all citizens and residents on the occasion of the UAE’s 50th National Day.