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1 August, 2021

Businesses set to capitalize on economic recovery in second half

The UAE economic recovery will further strengthen in second half as the successful vaccine drive, stimulus plans, visa reforms and government policy actions to facilitate businesses have restored confidence in investors and consumers, experts say.

The leading corporate executives and industry leaders said non-oil sector will continue to drive economic recovery in the second half as the government successfully implemented policy measures to contain the Covid-19 pandemic in the country. UAE businesses have proven their resilience in the most challenging times and are now looking ahead for a promising future.

Positive indicators

Sachin Gupta, general manager of Gulf Pinnacle Investments (GPI), the UAE subsidiary of Gulf Pinnacle Logistics, said economic activity is picking up and will gradually return to pre-Covid era in due course of time.

Referring to stimulus packages worth Dh7.1 billion announced by the Dubai government since the outbreak of Covid-19 pandemic, he said these stimulus plans played a key role in reviving economic activity in the emirate.

He also referred to the latest data released by the Central Bank of UAE, Gupta said the country’s economy is expected to post 2.4 per cent and 3.8 per cent growth in 2021 and 2022, respectively.

Capitalize on growth opportunities

Najeeb Kabeer, partner and managing director of Century Express Courier Services, said the region’s economies are in a good position to capitalize on the emerging growth opportunities.

Century Express Courier Services caters to the domestic and international markets through its own fleet with a network of agents delivering shipments to more than 195 countries. The company focuses on same-day and next-day express delivery services catering to the growing demand in priority shipments.

Maritime trade set to rebound

Rodney Viegas, chief executive of Abdul Muhsen Shipping LLC and So Safe Logistics LLC, said global trade in general, and demand for maritime services in particular, are expected to stage a quick rebound during the second half of the year.

Referring to future trade report released by Dubai Multi Commodities Centre, he said global economy showed a ‘surprised resilience’ in 2020 despite the Covid-19 pandemic crisis.

 

Source: khaleejtimes

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