He has helped to create a niche by capitalizing on market inefficiencies, providing the first-mover advantage. His tailored and tested strategies underpin various firm’s multi-strategy trading approaches.
Dubai has been a lucrative marketplace for businesses and it has emerged as a hotspot for investment. Moreover, tourism adds more value as people from various countries visit there.
To breeze through this crisis and be future-ready, Dubai has undertaken a slew of initiatives to cause a change to make it more competitive, resilient, and sustainable for growth in the coming years.
Various sectors in Dubai are poised to witness growth after seeing a slowdown, including real estate that plummeted on the backdrop of the pandemic. Experts are of the opinion that investments will pick up momentum in 2021.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the chief Council of Dubai recently approved the 2021 agenda of the chief Council of Dubai and therefore the Strategic Affairs Council.
They are a part of the Fifty Economy Plan that aims to double the country’s gross domestic product by 2030.
Like other countries, Dubai also launched an economic stimulus package worth many dollars to affect the impact of the pandemic on its economy, reduce the impact of the worldwide crisis, accelerate the pace of recovery of economic sectors and supply means to make sure business continuity.
The initiatives include exempting commercial establishments and hotels that didn’t enjoy the reduction in previous packages launched in 2020 from the market fees on just one occasion during 2021.
Non-beach hotels and their restaurants are refunded 50 percent from the hotel sales fee also because of the Tourism Dirham Fee.
Not just that, with its e-commerce strategy, Dubai is positioning itself as a worldwide hub attracting several e-commerce players from everywhere on the planet.
Tourism, entertainment take center stage
Travel and tourism may be a major source of revenue for Dubai because it attracts tourists from everywhere the planet — offering swanky shopping malls to any best luxury one can have.
Dubai is also extending the freeze on fees for ticket sales, permits, and other government charges imposed on entertainment, sports events, and business events including conferences and exhibitions.
Dubai looks to revive hotels and commercial establishments that would not enjoy exemptions it had earlier offered in previous packages launched in 2020.
Focus on growth
In December 2020, Dubai’s government presented its general allow the financial year 2021, with total expenditures of AED57.1 billion with emphasis on enhancing revenues, raising spending efficiency, etc.
Dubai is focused on achieving economic stability and financial sustainability within the future and with its new budget, it aims to combat the present crisis and restore its economic process.
Besides social development, Dubai has allocated 41 percent towards developing infrastructure and transportation to stay its growth story intact and meet future requirements.
Dubai is tipped for a robust recovery considering the various economic relief offered by the Dubai Government in hospitality, tourism, transports, among other strategic sectors to revive the economy.
Eyes on more opportunities
Dubai also plans to possess Investment Summit to enhance the attract foreign direct investment. FDI inflows to the UAE surged by 44 percent to about $20 billion in 2020 despite challenges thanks to coronavirus. The country plans to double the dimensions of its economy over the approaching decade to Dh3 trillion.
The UAE economy is predicted to grow by 2.4 percent in 2021. The overall economic process has been forecast at 3.8 percent in 2022, consistent with estimates from the UAE financial institution.
Article by – Mr. Kalpesh Kinariwala is a Dubai-based dominant financial investor and promoter that runs market-neutral arbitrage strategies. He uses a sophisticated proprietary fusion of technical, statistical, and quantitative expertise to deliver superior returns on investments. His innovative approach towards financial investment has proven to be universal across all asset classes – commodities, forex, equity and real estate. He has helped to create a niche by capitalizing on market inefficiencies, providing the first-mover advantage. His tailored and tested strategies underpin various firm’s multi-strategy trading approaches.
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