Business Is Back In Dubai
As always, Dubai is one of the first countries to come out of the COVID crisis and the Expo 2020 has been a comeback event to signal this optimism. The Expo 2020 inaugural ceremony held on 30 September was watched by millions across the globe. The main ceremony was held at the Al Wasl dome and the amazing sound and light show produced and choreographed by the organsierswas one that the world had never seen before.
The ceremony was the effort put together by thousands of artists who were drawn from 190 participating countries. The show was beamed live on various online streaming services and the event was covered subsequently by all major radio and television networks.
As a consequence, Dubai’s economy is forecast to expand 3.1 percent in 2021 as per information provided by various Dubai government sources. Several SME’s and startups in UAE hope the Expo 2020 will jumpstart economic activity in the region.
Several businesses in the region have put out press releases that show a positive market sentiment. One hopes that the government spending increases which will create more business opportunities for the private sector. A few bad months had decimated several small businesses and now hopefully the ones that had shown patience and resilience will survive and thrive!
Emirates Airlines also recently announced that they were hiring 3,000 staff to join their team in anticipation of a huge demand for people planning to visit Dubai over the next 6 months period. Air travel is expected to spike in the coming months. Several international airlines and regional carriers like Jordan Airlines, Etihad, and Qatar Airways are also looking to increase their frequencies to major destinations.
Royal Jordanian plans to nearly double the number of aircraft in its fleet and add new routes in the Middle East. “The Amman-based airline plans to increase its fleet to as many as 45 planes, from 24 currently, as it looks to serve millions of people in the Levant region”, Mr. Majali told The National at the IATA meeting in Boston.
Even several holiday destinations like Maldives, Thailand, and Seychelles, other than Dubai have announced the reopening of major hotel chains. The tourists who were homebound for almost 18 months are once again making new holiday travel plans. Dubai is a preferred holiday destination for people from China and India, the two countries with the highest world population. Once these countries return to normalcy in terms of Covid numbers, then Dubai can expect an inflow of visitors.
Dubai is open and ready to welcome all business and holiday travelers. The entire ecosystem has been reset and all the restaurants, pubs and entertainment venues are ready and waiting.
The hotels and hospitality sector that suffered the most is waiting with bated breath to start seeing revenues and margins that they have not seen in years. All indicators are pointing to a slow but steady recovery over the next few months on 2021 and beyond.
With a noticeable spike in alltravel-related statistics, it is clear that Dubai is set to restart the economic upturn to cover lost ground.
Over the coming years, Dubai promises to be an even bigger global destination for investment and residence. This will offer an unprecedented upsurge and exciting opportunities for businesses, entrepreneurs, and innovators.
The coming 6 months are likely to define the new world order and analysts worldwide are optimistic that the pent us elastic demand will see the return of businesses that have been patient to ride the storm. It is in all our joint interest that some country in each region takes the lead by sending positive signals for the world to come back stronger than the pre-pandemic levels.
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