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 restore 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, which the Emirates started more than 30 years ago, along with 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 Chaldeanist company, the real estate developer of the Heart of Europe project, which has an investment of 14 billion dirhams, stated that the speed in dealing with the crisis of "Corona" was the password behind the success of our efforts to contain the repercussions of the health crisis, as the location of the "islands" was credited In isolating workers from friction with others, which reflected positively on the completion of the project.
The company indicated, to «Emirates Today», that the effects of the sales were not avoidable as quickly as the projects enjoyed with regard to the achievement, as the stoppage of travel and tourism affected negatively the sales, which stopped during the past three months.
The company expected that things will return to what they were before the Corona crisis, in conjunction with setting a plan for the return of aviation and tourism again in the Emirates, thus alleviating the consequences of Corona on business sectors.
Corona
In detail, the head of the Chaldeanist group, the developer of the “Heart of Europe” project, Joseph Chaldenist, said: “When the news of the (Corona) outbreak was broadcast widely through the media, we decided to transfer our entire operations to the (Heart of Europe) island, and all the workers were kept In the project, which numbered 1,200 people inside the island, from the third week of March 2020 to June 15, we did not allow anyone to enter the islands of the heart of Europe, and we continued to live and work on the island, which helped us focus all attention on building and development activities. ”
He added, “Because the workers and professionals were unable to go out (to land), due to the closure, they fully resided on the islands, which helped us to accelerate construction work, so the effect of the new virus was limited in building and construction activities, where the first phase of The project is on schedule in advance, in the coming months. ”
On the effects of the crisis on the level of sales, Chaldenist said: "It is because of the stoppage of travel, tourism and movement, that sales stopped in the past three months, and this was the largest part in which the impact of the virus on the project appeared."
Flying back
He expected things to return to what they were, in conjunction with the state setting a plan to return aviation and tourism again, indicating that the island had been reopened on June 15, with the start of the return of economic activity in Dubai again. And on how to deal with these sales implications, Calendist added: "We have strengthened our sales team with highly experienced and skilled people, and we have developed new marketing plans that we will see implemented on the second stage of the project."
Regarding the company’s implementation of structuring operations due to the crisis, he stressed that “the company did not do much in terms of structuring matters because of the Corona virus. At the employment level, we did not lay off our employees, but we recruited sales professionals to increase sales, marketing and public relations activities, To contribute to the next stage, where we expect prices to rise.
Regarding the difference between the group’s handling of the current conditions and its dealings with the global financial crisis in 2008, Calendist said: “The Corona virus, which is a global health pandemic, differs from the 2008 global financial crisis, which was a purely financial crisis, and banks and financial institutions were in The forefront of the crisis, while the emerging Corona virus has much broader effects, forcing people to remain in isolation, even people from the same family moving away from one another. We have not seen anything like this in our lives, as it has had effects on the economy, and has caused the collapse of business in many countries, and great job losses. ” On the similarities and differences in the two cases, the Chaldeanist added: “Both are the worst crises we have witnessed, one financial and the other a public health crisis, and both have catastrophic consequences, the economic consequences of both crises are devastating, however, the effects of the virus are very large in terms of loss of life and loss of jobs, Business loss and bankruptcy. He continued: «There are good things during this crisis, which is that our investments in a country like the Emirates, where we live here in complete safety, and the government's tendencies to support individuals and companies in times of crisis, allowed us to continue in business and construction, and spinning the wheel of production, and our intention to complete projects And continue the work we do. ”
Project delivery
Joseph Kildenist, President of the Chaldeanest Group, the developer of the “Heart of Europe” project, said that the company’s strategy is based on delivering projects in its time, stressing that the “Heart of Europe” project focuses on highlighting the beauty of the Dubai coast and creating an architectural masterpiece with stunning scenery. There is an equivalent in all of the Middle East, which we expect to increase the movement of tourism in Dubai. He advised a group of real estate professionals, saying: “Just believe what you are doing. Focus on delivery, increase the digital way to communicate, get more with less and focus on your business. ”
Joseph Kildenist:
"The handing over of the first phase of the project on the date specified in advance, during the coming months."
"We did not lay off employees, and we recruited specialists to increase sales."
"Continuing to live and work in (Al Jazeera) helped us to focus on building and developing."