«Emirates Today» monitors through a series of dialogues, how the business community in the UAE deals with the repercussions of the Corona virus (Covid 19), and the dialogues include elite businessmen and investors in sectors such as tourism, hospitality, aviation, real estate, retail and other vital sectors, to determine the mechanisms that have applied Private sector companies to overcome the effects of the current crisis, which affected the local and global economy.
The effects of the economic support plan implemented by the Central Bank with a value exceeding 256 billion dirhams, as well as a series of incentives put forward by local and federal governments, are also monitored as part of efforts to mitigate the repercussions of the spread of the Corona virus on the national economy.
The series of dialogues touches on how the return of activity to the various economic sectors contributes to restoring the spirit of activity and the prevailing economic life cycle before the emergence of the Corona crisis, as well as seeing investors about the future of the national economy and how to restore the levels of growth achieved before the repercussions of the virus, as well as monitoring any incentives or requirements for investors from Government agencies to help them regain their activity and increase growth rates and employment opportunities during the coming period.
The UAE economy has key ingredients that make it more capable and tough in facing economic crises and fluctuations, and includes the successful economic diversification policy that the Emirates started more than 30 years ago, along with having huge investment assets that provide them with sufficient financial liquidity, in addition to the open economic policies and competitive work environment that are characterized It has the Emirates.
Khalaf Ahmad Al Habtoor, the founder and chairman of the board of directors of the “Al Habtoor Group,” said that the policy of diversifying the business sectors that the group had pursued 40 years ago helped it to face the repercussions caused by the “Covid-19” pandemic recently, noting that the group’s companies have ended their preparations for the re-opening phase The complete local and global economy in the coming period.
Al Habtoor told Emirates Today that "companies that were not affected or affected by limited proportions, supported the group and enabled it to ensure business continuity, taking advantage of the long experiences it possesses in a flexible and attractive business environment", expecting to announce an additional incentive plan during the coming period To help companies overcome the economic impact of the pandemic. He stressed that the UAE in general will be the first and fastest economies to recover from the consequences of this crisis, with the support of managing the crisis well and the willingness and preparedness enjoyed by the government.
Arrange the situations
In detail, the founder and chairman of the “Al Habtoor Group” Khalaf Ahmad Al Habtoor said, “The group companies started a while ago to arrange their conditions and ended their preparations for the stage of the full reopening of the local and global economy during the coming period,” noting that the repercussions of the pandemic “Covid-19” affected All markets have caused a difficult crisis for various economic sectors globally without exception.
Al Habtoor, who founded an engineering company in 1970, later transformed into one of the largest groups in the hospitality, automotive, real estate, education and publishing sectors, that “the group was able to deal with the new conditions created by this pandemic in various respects, in order to maintain business continuity.”
He explained that «the group has been pursuing a policy 40 years ago to diversify the business sectors, and this helped it to face the challenges that have recently emerged», adding that «we are continuing to work because we own other companies that were not affected to the same degree as sectors such as hotels and cars, as these are affected It was politics that supported us during this period, otherwise the pressure would have been greater on the group’s companies as a whole. ”
Pandemic repercussions
He stated that the sectors that were not affected or affected by limited proportions due to the repercussions of the pandemic were represented in education and car rental and the increase in the levels of demand for the rental sector, as opposed to purchasing, adding, "We also witnessed during the recent period a better movement in the real estate sector, something we did not imagine." He explained that the crisis caused by the pandemic had, in return, had positive aspects, including lessons that can be learned from in the future, pointing out that this crisis made us more vigilant, and we learned from it the new administration and the continuity of work and production under emergency conditions.
He stated that «the group’s companies are prepared to deal with crises and are able to manage them taking advantage of the long experiences they possess in a flexible and attractive business environment, and they are fully prepared during the current period to start the activity with the reopening of markets at the local and global levels.
Group portfolio
Al Habtoor, whose portfolio of his hospitality group includes 14 hotels distributed between the Emirates and international markets, said that “the Department of Tourism and Commerce Marketing continues to support and support the sector in cooperation and coordination with various government departments that continue to work to improve the performance of all economic fields.” He added, “We are partners with The government sector to work together to start again and cross this global crisis ».
He expected conditions to improve in the business environment in Dubai and the UAE as a whole in the coming period.
He mentioned that the positive steps of the re-opening decisions were reflected in the business environment in the emirate gradually, in the framework of pushing the economy forward for all sectors in the coming stage, noting that "the conditions are good and well, but they will not be easy", adding at the same time "with government support For companies, the situation will be better. ”
Al Habtoor said that "government agencies started a while ago to offer support packages to stimulate the economy, but we are asking for the continuity of these measures because the coming days require that." Other incentives during the coming period.
He added, "We are optimistic, and we expect airports in Dubai and the UAE to be fully opened in the coming period, which will increase the pace of recovery more and faster. With the easing of restrictions gradually for global markets, we will be in a position to grow faster compared to the rest of the global economies."
He said that, "in general, we will be the first and fastest economies to recover from the consequences of this current crisis," noting that the crisis management is rapidly, ready and ready, which the government enjoys, as well as the facilities, facilities and infrastructure of airports, ports, etc.; The country qualifies to quickly return to the path of growth, expecting the UAE to emerge more robust in order to be able to grow and recover rapidly thanks to the diversification of its economy and the attractiveness and flexibility of its economy.
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High demand for Dubai
Khalaf Ahmad Al Habtoor, the founder and chairman of the board of directors of the “Al Habtoor Group,” said, “The demand for Dubai is very high at all times. If the land borders with the Gulf Cooperation Council countries were opened, the demand for the emirate would increase dramatically.
And that Dubai's determination and readiness will achieve more successes and achievements in the coming period, as we are preparing to restore the full economic momentum, and Dubai will continue to excel compared to the major cities globally.
Khalaf Al Habtoor:
"With government support for companies, the situation will be better."
“We expect that another incentive plan will be announced in the coming period.”
"The Emirates will emerge from the crisis more strongly to diversify its economy and attractiveness."