Government officials and business leaders on Wednesday discussed the impact of Covid-19 and doing business in a new environment.
Held under the theme ‘Impact of the UAE Stimulus Plan on Economic Stability and Growth’, the Sharjah Ramadan Economic Majlis, now in its sixth year, was held virtually on the zoom platform for the first time. It featured senior government officials from the UAE Ministry of Economy as well as prominent economic figures and business leaders from the Emirates of Abu Dhabi, Sharjah and Dubai.
Abdulla Al Saleh, under secretary of the Foreign Trade and Industry, UAE Ministry of Economy, pointed out that the UAE has one of the highest stimulus packages across the globe valued at Dh282 billion.
“Our package is equal to 19 percent of the UAE’s GDP, to help local governments, large companies and SMEs to overcome the challenges that are being faced at an international level,” said Abdull Al Saleh.
World trade is expected to fall by between 13 percent and 32 percent in 2020, according to estimates by the World Trade Organization. In response, Abdulla Al Saleh said that the Ministry has established eight different committees to help them deal with the crisis and allow the country to re establish itself as the, “hub for global trade and flow of goods.”
Mohammed Juma Al Musharrkh, CEO of Invest in Sharjah, said the sixth edition of the Sharjah Ramadan Economic Majlis is being convened at an exceptionally challenging time. He further added that the comprehensive bundle of government stimulus packages to boost business and investment are all integral to enhancing investor confidence in the national economy and promote eventual recovery for economic transformation and sustainable growth.
The virtual majlis aimed to bring together experts and explore how UAE’s stimulus package has positively impacted sectors, markets and businesses, whilst proposing ideas and future outlooks that could help businesses in the UAE weather the Covid-19 storm.
Among the panelist included Fahad Al Gergawi, CEO of Dubai FDI; Marwan bin and Mawran bin Jassim Al Sarkal, executive chairman Sharjah Investment and Development Authority; where they stressed on the importance of creating a digital economy. Describing it as a testing period, the panelists added that businesses must adhere to the challenging environment. It was added that the structural shift has led them to implement the digitization plans this year, which had been envisioned for a decade later.
Looking ahead, the Ramadan Majlis identified investments in agriculture and emerging technologies as a key area of focus for countries to deal with the challenging environment.
Furthermore, the UAE’s banking system strengthened its support for the agricultural sector in the first quarter of 2020, by providing financing valued at more than Dh500 million to agricultural projects from January to March 2020.
Khaleej Times
14/05/2020
