Industry experts have suggested to continue strategic measures and incentives implemented by relevant authorities to help UAE businesses in overcoming the impact of the pandemic even after the crisis. Speaking with the media, top official at Mashreq Bank noted that the steps taken by the authorities to mitigate pandemic repercussions have helped businesses in becoming more competitive in the long-term.

Hind Eisa Salim, Executive Vice-President and Head of Services and Manufacturing, highlighted that mid-sized companies experienced some of the toughest challenges from the pandemic in the past 18 months. Noting that mid-sized firms are the backbone of the UAE economy, Salim further called for ensuring the stability of these companies to bring national stability.

“Greater experience in crisis management; higher flexibility in terms of remote working and improved work-life balance; higher cybersecurity, and more diversified supply chains have created a new ‘breed’ of post-COVID companies,” Salim added.

Since the onset of the COVID-19 pandemic, businesses have been making necessary changes to revamp their business operations and adapt to the shifting trends. From diversifying supply chains to upgrading IT infrastructure, companies adopted various measures needed to facilitate the continuity of their business in the long-term. These changes were strengthened by digitalisation that helped in streamlining and simplifying operations across the board.

The UAE is witnessing a positive outlook towards recovery as facilitated by gradually stabilising economic conditions. Last month, the UAE's non-oil private sector saw significant improvement in economic conditions, as per the data issued by global market analytics firm IHS Markit. The seasonally adjusted IHS Markit UAE Purchasing Managers’ Index (PMI) for manufacturing and service sector rose from 52.2 in June to 54.0 in July and 53.8 in August, implying stable business operations.

Salim underscored that the turnaround of UAE's key economic sectors from the pandemic impact has been "remarkable". Salim added that it is a good sign for all stakeholders and indicative of improved business prospects in the second-half of 2021.

"The lessons learnt from the challenges of the past 18 months will pave the way forward. As banks, we understand the issues faced by our customers. And we are glad that we were enabled by our regulators to support our clients in times of duress," Salim said.

Meanwhile, Tourism and travel, one of the most crucial sectors of the UAE's economy, continues to remain subdued due to global restrictions on international travel and prolonging lockdown measures in certain parts of the world. Taking note of these challenges, it is still difficult to accurately predict the recovery level of the tourism sector.

Salim underlined that the Expo 2020 Dubai will positively impact a number of key sectors in the UAE, including travel, tourism, hospitality, and real estate to a greater extent. Global confidence on the safe and successful operation of the event will bring much-needed boost for all relevant sectors in the UAE. 

Gulf News