The world’s most flourishing economies were not ready for the COVID 19 pandemic that has shunned every country’s normal routine. During these desperate times the primary goal of every country was to reduce the spread of the virus across the citizens and take care of every individual. Very few countries were to make the move faster for fighting against the coronavirus, UAE happens to be the frontier even during the professional crisis management. Let us understand in brief the business trends post COVID 19 economy and business opportunities in UAE.
Post-COVID 19 economy in UAE
The UAE government has taken the necessary steps with efficiency and quickly. It has shifted its attention towards helping the businesses mainly SME companies, to stabilize during the pandemic. Many companies informed their employees to work from home.
The SME sector in UAE contributes around 52% of GDP of the UAE, due to the COVID-19 pandemic there was a lack of finances and it was difficult to maintain a stable workforce. However the UAE government intervened and supported the thriving ecosystem which was falling down during the coronavirus. The Dubai Multi Commodities Centre (DMCC) issued a business support package for free zone companies in the UAE. The UAE government also reduced taxes and the cost of business setup in UAE from 25% to 98% to attract the investors. The UAE government also offered access to the virtual labor market portal to help unemployed workers provide job opportunities in the UAE.
UAE going Digital:
The UAE has given the first indication of how it plans to shape the post-COVID 19 economy – Go Digital. The UAE government plans to encourage investments in the digital economy. This digital would be built around 5G – the latest telecom infrastructure where the local telecom will already have significant investments into the rollout.
A minor setback but a promising future:
Due to the COVID 19 pandemic the most awaited event of the global phenomenon, Dubai Expo 2020 has been postponed. Businesses must however focus on sustaining their operations and controlling the costs to avoid winding up of the company. Even though the country is undergoing a crisis, the UAE is ready to accelerate to a promising future.
How can MSZ Consultancy help during the post-COVID 19 economy in UAE
During these unprecedented challenging times, we only hope you well and are safe. But this minor setback shouldn’t stop yours from fulfilling your entrepreneurship dream. With a well-established network and being one of the leading business consultancy services in Dubai, MSZ Consultancy will not only assist you on how to establish business in Dubai but will also guide you on licensing procedures, understanding types of company formation in Dubai, etc. Get in touch with us today!
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