Dubai: Starting Up Again

In an exclusive interview, the president and CEO of Dubai Chamber of Commerce and Industry outlines the emirate’s recovery from the Covid crisis and the growing focus on startups

- Aarti Nagraj

This has been a tough year across the world – the global spread of Covid-19 has meant that no region or country has been immune to its adverse social and economic impact. However, the way the crisis has been handled has differed widely worldwide. While lockdowns were initially common in most nations, subsequent measures have been largely decided on an individual basis.

Looking at Dubai, the emirate was quick to introduce precautionary measures as it reopened the economy and continues to monitor the situation closely, with violators facing stiff penalties. The first in the GCC region to welcome tourists in July, Dubai has now resumed most business activities. All this has helped ignite the recovery process for companies operating in the emirate.

Business conditions in Dubai’s non-oil private sector improved for the third straight month in September, IHS Markit’s monthly Purchasing Managers’ Index (PMI) found. With a rise in activity and new business, Dubai’s PMI rose to 51.5 in September from 50.9 in August, remaining above the 50 mark that indicates growth. Although the travel and tourism sector continued to decline, it was at the slowest pace since February, the report found.

“Just like many other major cities around the world, Dubai has gone through a major transition over the last six months with its economy and business landscape reshaped by Covid-19,” says Hamad Buamim, president and CEO of Dubai Chamber of Commerce and Industry. “This is a pivotal moment for Dubai as the emirate is just beginning to restart its meetings and events industry after reopening its borders to tourists only a few months ago.”