The experts project that UAE’s economic recovery will progress towards further strengthening in second half as the successful vaccination drive, stimulus plans, visa reforms and government policy actions to support businesses continue to restore investors’ and consumers’ confidence.

The leading corporate executives and industry leaders said non-oil sector will be the driving factor for economic recovery in the second half amid successful policy implementation to contain pandemic in country. The businesses in UAE have proved their resilience in challenging pandemic time and are now looking towards a bright future. 

Sachin Gupta, general manager of Gulf Pinnacle Investments (GPI), the UAE subsidiary of Gulf Pinnacle Logistics, told Gulf Today that economic activity in country is coming back on track and in due time will return to pre-COVID situation. Referring to stimulus packages of Dhs7.1 billion announced by the Dubai government since the outbreak of pandemic, he said, “There are positive signs for recovery in the second half of the year as most of the economic activities have already been resumed. The outlook for most Middle Eastern economies looks positive in later part of the year, however keeping coronavirus levels low will be essential to ensure a sustainable recovery in coming month.”

Gulf Pinnacle Logistics is a logistics and transportation company and an ‘integrator’ of the mid sector market that’s highly fragmented. It encompasses four business models -- freight-forwarding, warehousing, and courier services.

Referring to latest data released by Central Bank of the UAE, Gupta noted UAE’s economy is expected to register 2.4 per cent and 3.8 per cent growth in 2021 and 2022, respectively. 

“The 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 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, underlined that economies in region are at a good place to capitalize on the new 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 good omen for global economy,” Kabeer said. Century Express Courier Services tailors to the domestic and international markets through its own fleet and delivers shipments to over 195 nations. The company works on same-day and next-day express delivery.

“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 in coming days the global trade and maritime services demand are expected rebound quickly during the second half of the year.

Referring to future trade report released by Dubai Multi Commodities Centre, he said, “Maritime trade is gaining momentum with every passing day as the demand picked up especially from the China, Europe and the US. This is a pisitive trend and the industry is confident of quick turnaround in second half of the year.”

Abdul Muhsen Shipping LLC was established in 1991 and focused on shipping and warehousing services, with focus on import and export services primarily by sea through the Jebel Ali Port. The company’s head office is in Dubai and the warehousing facility is in Jebel Ali Free Zone.

“Dubai’s economy has 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 per cent GDP growth this year as the government announced timely measures to contain the pandemic,” Viegas said.

Gulf Pinnacle Logistics (GPL), established in May 2014 is a logistics and transportation company. GPL’s vision is to become a MENASEA-focused fully integrated logistics and transportation holding company. “We are ‘integrator’ of the highly fragmented mid sector market, encompassing logistics operations, freight-forwarding, warehousing, road transportation, courier and last-mile delivery services. To date, the company owns majority stakes in four assets involved in warehousing, CFS operations, student bus transportation and courier services.”