The Emirates Today, through a series of dialogues, monitors how the business community in the Emirates deals with the repercussions of the emerging Corona Virus (Covid-19). To find out the mechanisms applied by 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, which was applied by the Central Bank with a value exceeding 256 billion dirhams, are also being monitored, as well as a series of incentives offered by local and federal governments, as part of efforts to reduce the repercussions of the spread of the Corona virus epidemic on the national economy.
The series of dialogues touches on how the return of activity will contribute again, to various economic sectors in restoring the spirit of activity and the prevailing economic life cycle before the emergence of the "Corona crisis", as well as the vision of 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 major 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, besides having huge investment assets that provide them with sufficient financial liquidity, in addition to open economic policies and the work environment The competitive advantage of the UAE.
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The Arab Car Company, a company of the “Abdul Wahid Al Rostamani Group”, and the agent of “Nissan”, “Infiniti” and “Renault” cars in Dubai and the Northern Emirates, stated that relying on the standards of early preparations and employing technical solutions is one of the most important mechanisms that enabled the company to face the repercussions Corona in the markets.
She pointed out, in an interview with «Emirates Today», that the pandemic focused concepts of proactive planning in local business sectors in a large way, pointing out that the difference between the global financial crisis of 2008 and the Corona virus crisis is that the consequences of the latter are unprecedented and their effects More global expansion, with the total closure of a number of activities and sectors, indicating that the company will work, during the coming period, to implement e-commerce solutions, which allow the customer to complete the process of buying and paying remotely.
In detail, the CEO of the Arab Motors Company, Michel Ayat, said that "relying on standards of early preparedness and preparedness and employing technical solutions and services was one of the most prominent mechanisms that enabled the company to face the consequences of (Corona) in the markets."
He added that «one of the most important factors that mitigated the effects of the crisis is the work in the spirit of one team, and this proved clear merit in overcoming many challenges, despite the conditions of work remotely. Moreover, the innovative solutions, measures and mechanisms that we employed early upon the emergence and spread of the virus, to maintain the continuity of customer service.
He pointed out that «the company worked to implement customer service methods remotely, thanks to the presence of the digital infrastructure that helped us adapt to the developments. The customer did not feel that he is far away when requested or needing any service, especially since we have put in place several applications and an advanced call center in his hands, and the company is currently working on the implementation of a number of virtual technical services, which will be announced during the coming future periods, and we will work on the application E-commerce solutions, which allow the customer to complete the process of buying and paying remotely ». Ayat pointed out that «most companies around the world, including companies and small and medium enterprises, are currently facing difficult times and clear challenges, which may limit the continuation of their business due to the impact of the pandemic, but seeking to employ solutions can help to overcome obstacles. Since the onset of the crisis, (Arab Motors) has worked to launch a one-team plan to deal with it, and has focused on the need for constant communication with our customers, and to work to meet their needs in more diversified ways, by employing remote work technologies and using the latest applications.
He emphasized that "the (Corona) crisis has had impacts on our sector, but the measures that we have taken and the solutions that we have employed, have guaranteed us the continuation of operations, while presenting a number of offers on the three brands of cars (Nissan, Renault and Infiniti)."
He continued that «the company based its strategy and new offers on foundations that are not only aimed at business continuity, in light of these exceptional circumstances, but also to provide more diversified options such as, providing car rental solutions for individuals and companies to reduce financial obligations. We believe that the demand for leasing will increase during this period, while making full preparations for this, as well as facilitating the purchase process. ”
And Ayat stated that «the company realized the repercussions of the crisis early, and we made the necessary efforts to face the challenges resulting from it. And it required us to manage this crisis, and then apply a lot of measures on the ground to achieve the desired goals. We were able to achieve all of this by organizing our operations and providing our services remotely to ensure prevention, in line with the guidelines announced by the competent health authorities in the UAE. ”
Conditions and structure
He added, “We believe in the seriousness of the current exceptional circumstances, and when we realize their consequences, we must integrate innovation in all our operations. Here, there are also aspects related to marketing, in our promotional campaigns during last Ramadan, and simultaneous offers at the end of each week. He pointed out that «the company recently launched an innovative program for long-term leasing for individuals and companies, where customers can benefit from it to drive the cars they want, according to a contract ranging between one and three years for a reasonable financial fee, while providing them with the opportunity to buy those cars after the end of a period Leasing at the appropriate market value. "The company took the initiative early in following the restructuring plans, which helped us to overcome many of the repercussions that emerged in the wake of the crisis," Ayat said. We are fully aware that our sector and operations require constant renewal, keeping abreast of conditions and developments on an ongoing basis. When the pandemic occurred, it was easy for us to take internal measures and apply them to all of our operations. On the administrative level, we have focused on dedicating staff times in offices, to contribute to the formulation of innovative solutions and plans, to deal with exceptional circumstances. This required us to make optimal use of human cadres, and strive to develop the capabilities of specialized teams. ” On the difference between the 2008 global financial crisis and the current “Corona” crisis, he explained that “each crisis has its own conditions and impact, so crises cannot be dealt with in the same way or implement the same solutions or plans. Upon returning to the 2008 crisis, we find that its waves reached The UAE and the region, as it affected the performance of various industries, and the automotive sector was no exception, though, the impact did not last long after stability was quickly resolved and then the recovery in the market.
He pointed out that «there is no comparison between the two crises (past and present), as the pandemic (Corona) hit the whole world, and led to the complete closure of most sectors, and activities stopped altogether, and it can be said that its consequences are unprecedented. However, it has pushed everyone to the need to act vigilantly, opening our eyes to the future to develop precautionary plans, and encouraging proactive thinking in local business sectors to anticipate disasters and crises. ”
The human element
“There is a difference between the 2008 financial crisis and the current (Corona) crisis, and one of the most important features of the Corona pandemic is its impact on the human factor and restricting movement for fear of infection, so the impact extends to Companies and thus sectors. Although remote work solutions are available, services continue to be provided, and communication with clients is threatened, most sectors and professions are threatened. Here, the need arises for the importance of concerted efforts between the public and private sectors, at the global and local levels, to work together to overcome the enormous challenges created by the crisis. He explained that «one of the tips directed to companies and business institutions to deal with the repercussions of the pandemic crisis (Corona), that companies must first deal according to the data of the stage, and the methodology imposed on all of us, and it is also important not to underestimate the application of the highest quality standards.
“(Corona) has had impacts on our sector and the employment of solutions, ensuring us the continuation of operations.”
"Every crisis has its circumstances and impact, and crises cannot be dealt with with the same solutions or the same plans."
"Expectations of an increase in demand for rental cars, and we have made full preparations for that."