As the financial and business hub of the United Arab Emirates, Dubai expects to grow at a 4 percent growth rate in 2021. The growth would stem from the natural rate of business recovery as countries recover from the COVID-19 pandemic by reopening borders and international trade movement.
The country is home to one-third of all businesses in the Middle East and North Africa (MENA) region, hosting the most multinational organizations compared to other gulf countries due to its supportive business environment and strategic location.
In 2020, Dubai experiences a 6.3 percent contraction as businesses closed to respond to the economic pause induced by the pandemic. As a response, the government had streamed over USD 1.85 billion of stimulus to help cushion the damage for its citizens and facilitate job losses during the global crisis.
Robust Vaccination Pace
Today, Dubai stands among the fastest countries to inoculate its people and achieve herd immunity. Dubai has already vaccinated 73 percent of its citizens and is promoting vaccine boosters to catalyze immune towards COVID-19, further preventing the spread of the virus.
With most Dubai citizens fully vaccinated, tourists can now visit the country without additional documents and COVID-19 prior tests, unlike other countries still limiting non-vaccinated visitors.
The Dubai government plans to roll out an expo and a set of business-friendly regulations to push its position as the leading business hub in the MENA region to boost the economy.
Expo 2020
Dubai plans to inaugurate over 25 million global members to showcase innovations and connect businesses looking to propel success, specifically for enterprises focusing on mobility and sustainable sectors.
Visitors to the Expo can freely visit and explore Dubai, similar to the pre-pandemic era. Moreover, the Expo aims to encourage tourism around the UAE region.
City of the Future
Dubai has long-planned digital transformation integrating the whole country's system. However, the COVID-19 pandemic has put the urgency on establishing seamless technological advancements in all levels of the industries. The agenda to install relevant technologies in the country is a part of the Dubai 2040 Urban Master Plan.
Dubai's initial plan to initiate innovations and invite foreign tourists to crowd the country is based on the previous dynamic before the pandemic. The UAE used to be home to foreign expatriates residing as they conducted businesses in the leading economical hub. The measures to rapidly vaccinate its people show Dubai's eagerness to revitalize its position on the global map.
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