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  • 21-10-20

    UAE: Economy fights against Covid-19

    (MENAFN) Mohamed Alabbar, chairman of Emaar Properties, predicts that worldwide economy will have a "long U shaped" upturn, and become more stable by June of next year.

    On Tuesday, October 20th, he took part in the Annual Investment Meeting, where he stated: "I am optimistic..by next year June, we could be in much better shape than we are (today)."

    He justified his opinion, by explaining that the economy can't have a V-shaped recovery, due to the severe impact Covid-19 has had on society and the economy, which affected many different sectors, claiming that aspects such as development, growth, and output will see no improvement for at least two more years, before things start picking up again for them.

    The universal economy is going through a recession that is its worst since the Great Depression, after the entire world suffered from lockdowns, travel industry halting, and production pausing as a direct effect of the Cronoavirus.

    The Cronoavirus is a "big attack and was not a speed bump," Mr Alabbar declared.
    "This thing was a nuclear bomb into the balance sheet of a company or into a business model," he added. "Those who built their businesses carefully, manage their cost very well, manage their debt very well, they will have less pain."

    He also commented about his own business, and how it was impacted "People think that food delivery (industry) is healthy but it is not. During the pandemic, people are scared to even place an order. The real estate sector is having a hard time because we are not confident of what will happen to the economy."

    UAE minister of economy, Abdulla bin Touq, also made some statements, noting that the Emirates will continue to build a wide network of active commercial partnerships with the strongest global economies, while also trying to expand to new markets.

    "We will maintain the principles of openness, liberalization of trade and facilitating the movement of goods and services," he added. "We will actively contribute to the development of international trade and support of the multilateral trading system."

    He added that UAE's goal is to keep investing and expects to draw investors in as well.

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