Impact of Covid19 on Corporate Concern in UAE
The recent coronavirus pandemic has had a significant effect on life and economies around the world. From what is now referred to as the new normal, there has been a lot of changes on how various organizations carry out their operations. In the United Arab Emirates, it has changed how business get to be done. The Government, upon declaration by the World Health Organization, put in place stringent measures to help minimize transmission and reduce the mortality rate from the coronavirus pandemic. United Arab Emirates is renowned globally for being a tourist destination. Cities such as Dubai are part of the Emirates and with it comes the aspect of tourism. The pandemic delt a big blow to international and reduced local travel. Through this the number of tourists coming to the country reduced immensely. This in turn affected the economic outlook of the industry. Meetings, Incentives, conferences and exhibitions, what is usually termed as MICE. UAE MICE was one of the best globally (AA., 2020).
The Government has tried to come up with plans and measures on how to revitalize the economy before a vaccine is actually gotten and administered to its citizen. The article compared the recession experienced to the initial one that was experienced between 2008/2009 crisis. UAE’s economy will get bad due to the fact that a shock in oil prices, reduction in production capacity and migration are enough to cause a huge impact on the economy. The two major cities in UAE that is Dubai and Abu Dhabi both has their own fiscal policies therefore the impact will be different similar to recovery. The country has started to diversify its economy to ensure it is insulated better and can withstand future pandemics. The article further states more ways on how the economy can get better without necessarily depending on oil export and MICE (Alshamsi, 2020).
Asad A., Aburumann. (2020). COVID-19 impact and survival strategy in business tourism market: the example of the UAE MICE industry. Humanit Soc Sci Commun 7, 141.
Alshamsi, R. (2020, August 19). A Blessing in Disguise: UAE’s Possible Scenarios for a Post-COVID-19 World. Retrieved from E – International Relations: https://www.e-ir.info/2020/08/19/a-blessing-in-disguise-uaes-possible-scenarios-for-a-post-covid-19-world/