UAE: Dubai Economy

More female employees are joining workplaces and boardrooms in the UAE and Saudi Arabia, with gender equality a key target of a regional drive to improve environmental, social and governance (ESG) standards.

Dubai’s diversified and digitalised economy was able to absorb the impact of the Covid-19 pandemic relatively well. The emirate enjoys some of the fastest internet speeds and most advanced broadband infrastructure in the world, which facilitated the rapid shift to online work, education and commerce.

With Covid-19 facilitating the widespread adoption of remote working practices, some emerging markets are seeking to attract digital nomads through a series of incentives and special visas.

– Economies in the region were hit by reduced trade volumes and lower oil prices

– Governments launched extensive stimulus packages to stabilise their economies

– Short-term recovery will be tied to oil prices and the resumption of travel

– The pandemic looks set to accelerate economic diversification efforts

While many Gulf nations were already working to diversify their economies prior to the coronavirus pandemic, the subsequent economic downturn and collapse in oil prices has meant that governments in the region have had to reassess and – in some cases – accelerate their strategic plans.

Subdued domestic and external demand combined with regional tensions created a challenging economic environment for Dubai in 2019.