There is huge expansion plan post the COVID-expansion that is hugely driven via Sustainable expansion, health and happiness within Abu Dhabi, Dubai as well as Cairo and Riyadh.
The HSBC report further stated that the “Middle Eastern cities are all poised in for setting up future global hubs with sustainable or greener economies, supply chain diversification, healthcare investments, technology as well as measures for addressing the inequality that is expected for receiving the priority post COVID-19.
The report that was released a day before, stated the cities like Abu-Dhabi, Dubai, Cairo, Riyadh as well as Istanbul for focussing based on remote working, distance learning, telemedicine as well as E-commerce and online-media content. It thus emphasized requirement for the governments as well as business leaders for sustenance for shift via Diversification, more digitization, cleaner as well as sustained cities.
The pandemic is truly the worst-hit turbulence for the universal economy since the Great Depression and that it has surely ceased global trade, grounded flights and obligatory firms for laying off workforce for cutting costs. The report also stated that COVID-19 is all expected to have a lot of Socio-economic consequences within long term that could be saviour in reshaping the consumption, value-creation as well as the better communication.
Greg Clark, HSBC’s global head of future cities as well as new industries as well the report’s author stated that “their subsequent expansion chapter will be depending upon how effectively they can effort together as a network and within individual ability of their economies for driving the climatic as well as sustainable-oriented innovation, revive trading flows as well as in pursuit of human health as well as happiness.”
The subsequent lockdowns had also shown the requirement for reforming trade relationships as well in creation of better robust supply chains. The report also stated that “the present debate suggests that global cities would be in close or re-localization of manufacture facilities for the priority backed industries as well as in surging utilization of digitalized supply networks as well as AI for endurance of optimum supply-chain resilience.”
It is thereby expected that overall native production will be focussed within the sectors within which cities that have already specialist skills as well as industrial competence. Abu Dhabi’s Strategic Investment wing Mubadala Investment Firm, has joined their hands alongside the Industrial firm Honeywell within May for production of N95 face masks as its driving force for fostering UAE’s manufacturing base as well as restrict the pandemic spread. The plant manufactures around Ninety thousand masks within a single day and has an overall expected annual capacity of manufacturing in excess of 30 Million Masks.
The report further stated that “While Adjusting to the new normal, the extension of these trends could have huge consequences for the property, mobility as well as spatial flows in between city centres as well as borders.”
The turmoil has also proven the vitality of happiness as well as well-being that has powered support for health, climate as well as biodiversity policies. The turmoil has quickened the digital transformation for cities around the globe via services such as the telemedicine, distant learning as well as remote working module.
It has glimmered the “demands for better public health spending, that also includes advances for basic insurance coverage, better medical infrastructure and measures for ensurance of hospital capacity that can be easily surged and must be required to be risen. HSBC also further added that they are also likely to witness in the quickened development of remotest health care, that also includes optimal utilization of telemedicine as well as digitalized adoption, as well as remotest healthcare technology like tracking devices, monitoring apps and wearable consumer healthcare devices.”
The report also further stated that “there is huge pressure than in the past for most governments for manufacturing de-carbonized, lower-emitted tech pathways by investment in sustainable power, efficient power as well as storage optimization. There is already huge optimism within the cities globally that could get adopted as well as getting better adjusted for the behaviours in longer-term.”
As sectors reopen, bringing latter ideas then commercial enterprise models, this “new normal” pleasure origin a current accepts about commercial enterprise yet funding possibilities across numerous sectors and locations, HSBC said.
The Middle Eastern cities highlighted into the file are expected to bust the government into this transformation, the file said.
Daniel Howlett, HSBC’s native head concerning commercial banking in the Middle East, North Africa as well as Turkey (MENAT) stated that “Their next cycle has the dynamic offering to witness them expand to be global centres for reinvented flows over trade, greater lively grant chains or revised commercial enterprise models received by using digital transformation, as dovetails together with HSBC’s priorities of helping our consumers yet communities in conformity with build back higher across the region.”
The HSBC City Reports are portion concerning a wider Future Cities marketing campaign to that amount the bank launched across the region, which also includes illustrating the file between road art so much captures the elements concerning each city’s next cycle regarding development whilst paying tribute according to its heritage.