Dubai's economy is set to grow in 2021
Some promising news as we head into the new year…
Well, it’s safe to say 2020 has been one of the most turbulent many of us have lived through. But as we draw ever closer to 2021, there’s some promising news on the horizon, with the prediction that Dubai’s economy is set to grow in 2021.
According to a post from Dubai Media Office, Dubai’s economy is forecasted to grow by 4 per cent in 2021.
— Dubai Media Office (@DXBMediaOffice) December 23, 2020
The reason for this bounce back, when so many other nation’s are struggling right now, is Dubai’s swift and effective response to the Covid-19 pandemic.
HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has been praised for the comprehensive preventive and support measures that have been implemented this year.
HE Sami Al Qamzi, Director General of Dubai Economy stated: “Our leadership’s directives were focused on ensuring that the short-term impact of the COVID-19 pandemic does not translate into a long-term economic hardship that would inflict lasting damage on people and businesses by way of job losses and bankruptcies.”
This paved the way for Dubai to be one of the first cities to gradually reopen its markets and businesses. Sami Al Qamzi added, “Under the directives of HH Sheikh Mohammed bin Rashid Al Maktoum, Dubai was a pioneer in launching initiatives to overcome challenges faced by individuals and businesses, which had a significant positive impact on minimizing the economic impact of the pandemic.”
Naturally, there was some contraction of the local market, due to stalled construction projects, and a dramatic drop in hotel and restaurant patronage, but overall, Dubai has pulled through and is in good steed for the coming year.
With all of these factors in mind, Dubai Economy estimates growth to accelerate to four per cent in Dubai in 2021.
Now that’s something to celebrate come January 1.