Despite all the economic slump down that happened as due to the inevitable deadly Pandemic outcome, it had still fared better than other Middle East economies with the progression witnessed within these sectors.
The UAE has built up and amassed a huge employment base of in excess of 2 Lakh 50 thousand within the retail, finance, technology as well as the telecom arena within the preceding year, despite the deadliest ever COVID-19 Pandemic that has impacted the global trade and brutally affected the employment market.
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai stated that, the nation, second-largest Arab Economy, has added 1,00,000 employment within retail, and E-commerce zone and 1,48,000 employment in the finance, technology and telecoms sectors in 2020.
Sheikh Mohammed stated, that “Crisis management creates opportunities … and crises in management destroy gains.”
According to the International Monetary Fund, the Covid-19 pandemic tipped the global economy into its worst recession, disrupted trade, deterred travel and forced nations into lockdowns that powered to higher unemployment and poverty.
Global trade dwindled by 8.5 percent preceding year, according to the fund’s assessments. About 8.8 percent of global operating hours were lost the preceding year due to the pandemic, approximately four times the number squandered in the 2008 financial crisis, as according to the International Labour Organisation.
The Covid-19 pandemic dumped the global economy into its worst recession, unsettled trade, hampered travel and forced nations into lockdowns that powered to higher unemployment and poverty, as according to the International Monetary Fund.
Sheikh Mohammed also stated out that; “Crisis management creates opportunities … and crises in management destroy gains.” In fact, this overall boost up within the Job market within the Emirate, confronted out a global economic slump down of 3.3 percent the preceding year.
Dubai was among the initial towns to reopen its borders to global tourists in July post it created a rigorous health and safety actions that gave the hospitality and retail sectors a boost up.
The UAE responded swiftly to the pandemic-powered slump down and announced economic impetus procedures to support firms and inhabitants. Overall, the nation has uncovered economic assistance packages valued at least Dh388 billion since the onset of the pandemic.
In the UAE, the boost in online user spending in 2020 was principally propelled by a 21 percent annual leap in the number of online shops, in addition to a 44 percent annual surge in the quantity of high-volume E-commerce trading partners the preceding year, according to Mastercard.
The technology sector also advanced from additional investment during the pandemic as firms came up with more innovative solutions for telehealth and remote working and learning.
Start-ups in the Mena territory obtained more than $1 billion in funding the preceding year, with E-commerce and FinTech holding their top spots by number of deals.
The two sectors exemplified 24 percent of all deals in 2020, according to data platform Magnitt.
While 2020 was a tough year for brick-and-mortar retailers, the pandemic sped the progress of the E-commerce division as more buyers procured from home amid progress limitations.
In Dubai, the DIFC set up a revolution license to promote global FinTechs to progress to the free zone. The UAE, Egypt and Saudi Arabia reported for 68 percent of the overall Mena agreements unveiled the preceding year.
The UAE collected the largest share of funds created and was ranked initial by deal numbers; the report demonstrated. Start-ups in the UAE invited more than half of the total venture capital into the territory and more than a quarter of Mena deals.