UAE Press: Vaccine And Reforms Drive UAE Recovery
Faizan Hashmi 14 days ago Thu 18th February 2021 | 10:45 AM
ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 18th Feb, 2021) A UAE paper said that the UAE economy is poised for a fast recovery from the impact of COVID-19, thanks to the massive efforts to contain the virus through inoculations and robust reforms.
In an editorial on Thursday, Gulf news added, "The country has limited the health impact of the COVID-19 pandemic due to its relatively young population and a range of effective containment measures, which have mitigated the spread of the virus and the number of deaths.
The paper noted, "The reopening of economy that started in September with most businesses authorised to resume, travel restrictions lifted, and international borders partially reopened, the economic impact is gradually tapering.
"Data shows the number of tourist arrivals have picked up, hotel occupancy recovered to 70 per cent, and shopping malls and entertainment venues have remained open since the fourth quarter of 2020. The restrictions and social distancing norm are likely to fade as the infection numbers come down with the progress of the vaccinations.
Gulf News added, "The oil sector became a drag on growth last year as crude oil production declined by about 10 per cent due to the OPEC+ agreement. However, the recent recovery in oil prices signals better than expected revenue stream.
"Historically, the UAE economy has proved its agility to adapt and reform to turn adversities to its advantage. The economic impact of the pandemic in 2021 is going to be limited in the UAE, as consumers and business have found ways to adapt, thanks to the major progress made in digital transformation.
"The progress in digital transformation has opened opportunities for small and medium size enterprises (SMEs) and offered the potential of enhanced productivity, which will enable the UAE to achieve sustainable higher growth over the medium to long term."
"Undoubtedly, a number of recent reforms undertaken by the UAE in granting citizenship and longer-term visas to select categories of foreigners; and normalisation of diplomatic relations with Israel and Qatar will attract global talent, foreign direct investment and will function as an effective tool to boost high quality human resource, a key ingredient for sustained growth," the Dubai-based daily concluded.