The UAE is set to witness a significant boom across all major sectors.
Nusrat Khalil Jamali, Business Editor
UAE’s economy is far less affected by the Pandemic as compared to the other countries of the world and the credit goes to the UAE’s approach towards the management of COVID-19 including measures like population testing ratio, national level sanitisation, SOPs for all businesses and sectors and mandatory PCR tests for all incoming passengers, which all make the UAE one of the first and few countries who have entered the post COVID era.
Moreover, the series of events and measures that the UAE government has been implementing, including offering long-term visas and 100 per cent business ownership, they are all leading up to having the UAE recognised as the most favourable place to set up and run a business. Also, the EXPO 2020 and its visitors are going to be a lead up to a major growth spurt across all business sectors of the UAE.
The focus remains on the millions of visitors that the Emirate will welcome during the six-month period of the event and the large number of them will expectedly stay back, make Dubai their second home and set up their businesses in the country. This was stated by Lal Bhatia, the global thought leader, investor and innovator with an entrepreneurial flair, who has made Dubai his second home and has recently set up a management and investment firm by the name of Hilshaw Group.
Speaking to Gulf Today he mentioned that the Hilshaw Group has developed a $175 million fund, primarily focused on investing in the real estate sector.
Bhatia said, the six-month event - EXPO 2020 will obviously boost the hospitality sector. The mega event will also stimulate the short term rental market in the country. The success of Tourism, Retail, F&B, Healthcare etc. is directly proportionate to the residing and visiting population of the UAE, so a significant boom across major sectors is imminent.
He said, the real estate is the byproduct of economic prosperity of any and all geographies. The measures being taken by the country’s leadership, are all geared to revive investor confidence especially in the real estate sector. The EXPO will begin to see visitor traffic as early as the second quarter of 2021.
He further mentioned, “While the whole world is battling the effects of the pandemic at their own pace and capacity, UAE’s early assessment and response to tackling COVID-19 have resulted in its ability to open up to the world. As Dubai is an obvious choice based on its swift recovery and early transition to the post-COVID-19 era, the positive geopolitical developments in the region and the fact that UAE will be the first country to witness a major tourism influx with the EXPO, will be an added source of success.
About his business set up, he said, “Our business is to invest in real estate and we, therefore, compliment all parts and players of the industry and not compete with them. We are in fact collaborating with several developers and real estate companies for investment opportunities.”
About supply and demand in the real estate sector in the current and post-COVID scenario, Bhatia said, “Around 6,500 residential units were to be completed between Q4 2019 and Q1 2020 according to a report by Property Finder. The supply surplus we are experiencing at the moment is there but a speck compared to the opportunities we are approaching during 2021. Based on the country’s position as one of the safest locations post COVID, it will not be surprising if this surplus turns into a dearth of supply by 2022.
About main driver of economic success, he said, “The economic success of any country rests on its swiftness in moving past the pandemic and UAE is very much in the lead when it comes to this.
Talking about the mega event - EXPO 2020, he said Dubai has estimated to welcome close to 16 million visitors during the event, which roughly translates to over 25 million visits to the show. The event is always meant to be one of its kind, and now being the world’s first mega event post the pandemic’s peak – EXPO 2020 will surely act as a major catalyst in the hospitality and tourism sector’s recovery. It would not be wrong to say that Expo’s appeal and importance to global trade has now increased.
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