2020 was a tough time for countries all around the world as the coronavirus pandemic had disrupted the management and governance of the nations. However, not all countries managed to handle the pandemic the same way and it is because of their successful or unsuccessful handling of the virus spread, their nations stand wherever it does.

The United Arab Emirates is among the countries that have been successful in handling the virus spread now and then and are coming up with ways to better their management of the virus. However, there is a special consideration that needs to be given when talking about the economy of the country. The UAE has not only handled economic struggles very efficiently but also shown its remarkable ability to overcome such difficult situations.

A report from the Central Bank of the UAE revealed that the early signs of recovery started coming as early as the second half of 2020. The country during this time realized that it can tackle such a crisis situation very effectively while also keeping its economy at par with the growth in other sectors.

The country is among one the first countries to have started this recovery phase and in the Arab region, it tops the Covid economic recovery index ranking, which is issued by the Horizon Research Group. Towards the end of last year, the UAE received an Aa2 rating in creditworthiness, which is the highest sovereign rating in the region.

Another testament for its economic growth and success of its policies is the Fitch rating that came in November last year. The rating awarded the UAE’s federal government with an AA rating with a stable outlook. The report included that according to Moody, the country is most strong due to the strength of high GDP per capita along with its ability towards handling internal matters.

The central bank also added that despite the extraordinary global conditions caused by the pandemic, there is stark optimism in the country. This is only because of some early signs of a rise in international trade such as the gradual lifting of movement restrictions, opening up of complexes, and other such things.

Even the petroleum sector showed several positive signs about the coming days. Among the many positive things, Abu Dhabi National Oil Company is achieving its operational and financial objectives while also maintaining its flexibility during the strange conditions that the world is going through now.

If we were to look at the petrochemicals and refining, ADNOC and ADQ announced that they will be collaborating and will come with a new joint venture called Taziz. It will act as a catalyst for the UAE’s economic diversification and growth which will be aimed at technological advancements.

The total value of the UAE’s non-oil foreign trade during the first nine months of 2020 amounted to AED 1.03 trillion, as per a report in the National Competitiveness and Statistics Figures. Despite the challenges during the pandemic especially in foreign trade, the UAE’s non-oil foreign trade above robust growth which neared the same levels as in the year 2019.

E-commerce saw a substantial rise in 2020 and according to the report of global overview, the ‘we are social’ and ‘Hootsuite' highlighted this very fact. The transactions during last year with e-commerce in consideration amounted to US$18.50 billion. Other than that, a little tricky industry--Aviation--also saw a rise.

The gradual resumption of civil aviation flights was the initial indicator of the success of the efforts by the UAE authorities to contain the pandemic and the go-ahead with a new recovery plan for the country. The Dubai International Airport took baby steps with the covid-19 in view and handled 25.9 million passengers in 2020 with utmost patience and care.

Even luxury travel airlines, Etihad airways, also announced that it has successfully transported 4.2 million passengers last year. Other than that, it was also successful in reflecting on its shipping duties as it saw a 66% increase in proceeds, which more than 2019 as it rose from $700 million to $1.2 billion. 

WAM