International confidence in the country's efficiency in the speedy resumption of economic activity following the "Covid-19" closures
The UAE records remarkable growth rates in 7 financial, commercial and economic sectors
The growth in spending coincided with the return of regular air traffic in June 2020. AFP
Rashid Al Balushi: “The registered growth is a milestone in the strength and strength of the Abu Dhabi economy and the UAE in general.”
Hamad Buamim: "The stimulus packages that were launched in succession played an important role in helping the economy recover."
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The economic performance figures in the UAE showed the return of sustainable growth in several pivotal sectors, as of the second half of this year.
The statistical data recorded remarkable growth rates in seven financial, commercial and economic sectors, which spread international and regional convictions about the efficiency of the UAE in the speedy resumption of the economic activity cycle, following the temporary closures required by the precautionary measures of the "Covid-19" pandemic, with indications of the possibility of continuing the pace of activity. And sectoral growth during the last quarter of this year.
These sectors were represented in banking, the federal budget, remittances, consumer spending, aviation, financial markets, and licensing.
The growth data that the UAE economy achieved at the end of the first half of this year is a regional and international milestone in the exceptional strength of the UAE economy to overcome challenges, and in the efficiency and flexibility of its balance between ability and work.
Exceptional growth
The exceptional growth numbers achieved by the Emirati economy came at the start of the second half of this year in seven operational sectors, to generalize international and regional confidence in the ability of the national economy to emerge successfully in the face of any challenges, and with a growth momentum that has been described as possessing the elements of communication and sustainability.
The data of the UAE Central Bank showed an increase in the total value of bank assets by 7.8%, year on year, at the end of June 2020.
In the federal budget sector, the financial performance data showed a surplus of 9.7 billion dirhams at the end of the first half of this year, after this surplus reached 1.8 billion dirhams at the end of the first quarter of 2020.
The remittance sector was boosted by parallel growth numbers that reached 10% during August 2020, supported by an activity in the market of buying and replacing foreign currencies through exchange companies.
Consumer spending
The significant growth in consumer spending rates in the country's economic cycle is a milestone in the ability of the UAE economy to withstand the challenges that the pandemic has imposed on all global economies and markets.
The latest figures released by the Federal Competitiveness and Statistics Authority showed that consumer spending in August 2020 increased by 63% compared to last March.
This was evidenced by the growth figures in consumer spending through electronic payment methods, which witnessed a steady increase over the past three months.
The growth in spending coincided with the return of regular air traffic last June, and a deliberate gradation in restoring the commercial activities that underpin small and medium-sized companies and the non-oil sectors.
Stock markets
For its part, the UAE stock markets provided another sector model, in the speed of compensation and a return to its upward path, with a momentum led by the big and heavy stocks.
Official data showed an increase in the total capitalization of stocks during August by 61.5 billion dirhams, in an indication of the investment attractiveness capable of adapting to various circumstances.
Traffic licenses
The National Economic Registry documented a steady growth in the movement of licenses for economic activities, which continued over a period of four months, as the number of new licenses in the country reached 5900 at the end of last August, compared to the same period in 2019.
Digital documentation
The Undersecretary of the Department of Economic Development in Abu Dhabi, Rashid Abdul Karim Al Balushi, described the remarkable growth numbers that the recent statistical data showed, about the gradual return of the various sectors, as of last June, as a digital documentation of the directives of His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Commander The Supreme Council of the Armed Forces, in building sectoral partnerships for support, stimulation and sustainability, has succeeded in testing the confrontation with the viral pandemic, and in restoring the growth cycle at record speed.
He said that the growth rates shown by recent statistical data in a number of financial, commercial and consumer sectors reflect the success of the department and its partners in various sectors, inspired by and implementing the vision that has been guided since the beginning of the new conditions imposed by the Corona epidemic, by preserving vital distribution chains and launching stimulus packages that enhance Immunity of production enterprises and the business environment.
He stressed that the growth recorded in many sectors is a milestone in the ability and strength of the economy of Abu Dhabi and the UAE in general, to face the challenges that the new circumstances imposed as a result of the "Covid-19" pandemic on global economies and markets without exception.
Motivational initiatives
Al Balushi added that the department launched a large package of motivational initiatives during the past months that aimed to support the economic sectors and the business community in the emirate, which contributed to the gradual return of these sectors' activity, pointing out that this was evident by monitoring the movement of activities indicator, the majority of which started registering Good growth rates as of last June.
He said that the distinguished infrastructure in the emirate played an important role in facilitating the work of the department, which was also keen to facilitate procedures for the business community, through the automation of services, pointing out that the department has so far succeeded in providing 82 electronic services, which in turn contributed to increasing the attractiveness of the investment environment for the emirate.
Economy and health
For his part, the Director General of the Dubai Chamber of Commerce and Industry, Hamad Buamim, said that there are several factors that distinguished the country and helped it accelerate the economic recovery following the Corona pandemic, as we are today in a better economic position as a result of the vision of the leadership that put the "economy" and "health" Two main pillars for the next stage.
Buamim emphasized that the health sector, its speed of response and its ability to control the virus, were among the most important factors that contributed to reducing the negative impacts on society and the economy.
He continued: “It can be said that the government’s role was also essential at this stage, as the various stimulus packages that were launched successively played an important role in helping the economy recover, and reflected the rapid response of the public sector to the challenges of the phase, and the government's interest in the role that the private sector plays as a partner in the process. Development ».
Buamim stressed that the experience of the private sector in dealing with challenges constituted the most important factor in the resumption of activity in the sectors, especially in terms of adaptation and adaptation to changes, while the digital infrastructure that the government was keen to establish for many years played a key role in helping private sector companies to achieve Changing its business models, adopting digital transformation, providing high-value services that provide safety and convenience to the consumer.
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