Dubai Launches an Economic Reset Program for a Post Coronavirus World
Whether you’re making your first foray into the business community in the United Arab Emirates or starting your next venture, choosing a location for your business is one of the most consequential decisions you will have to make. You might be asking, what are the 7 emirates in the UAE? Or, you may be farther along in the process and wondering what jurisdiction will best drive you towards achieving your goals. Throughout our experience in assessing clients interested in UAE company formation, the factors involved will lead you to make the right choice or a significant mistake. What are our main criteria? We’ll walk you through these questions.
The Great Economic Reset Program
The Economic Reset Program is part of the Emirate’s “CovExit” program. An initiative to promote a collaborative action plan to drive economic recovery. The program brings together local and international experts to create prospective growth strategies for postpandemic Dubai. The program aims to bring economic experts and thought leaders together in a Virtual Policy Council, an engagement platform run by the MSRSG. The council’s primary
objective is to discuss the impact of COVID-19 on business and form policies to combat the fallout.
The Virtual Policy Council
The council features chief economists and researchers from the World Bank, the United Nations, and the Bank of Latin America. Experts and CEOs from top global universities and Fortune 500 companies are also a part of the virtual delegation joining the council. They join a panel of experts from Dubai Economy and the Mohammed Bin Rashid School of Government. The first round of talks was an invitation-only event where the panel discussed the fallout of the pandemic. They also spoke about how the virus will impact the future of globalization in the next few decades.
Outcome of Talks
“I believe the triple helix collaboration between public, private, and academia stakeholders has always produced the best solutions. In the highly uncertain environment now, extensive collaboration and cooperation between all stakeholders are vital to our future prosperity. The Virtual Policy Council will propose the best approaches Dubai, and the UAE can adopt to address the risks and opportunities in the next normal economy,” said Mohammed Shael Al-Saadi, the head of Corporate Strategic Affairs at Dubai Economy. (Source: Arab News) Al Saadi further added that the Virtual Global Policy Council will not limit itself to business solutions for a post-pandemic UAE and continue to network with potential collaborations to enable Dubai to face the ‘now, next and beyond COVID-19’ with confidence. After the first round of talks, the Dean of Rashid School of Government Professor Raed Awamleh gave the following statement to the press: “The Mohammed Bin Rashid School of Government is delighted to partner with Dubai Economy on this important project to enhance the vitality of our economy with sound evidence-based policy solutions.
This Virtual Policy Council is a key component of the process where global experts and thinkers share their views on the future economy. In this new era, the role of governments in enabling the new economic actors is becoming increasingly central. Dubai is wellpositioned to lead the way with innovative models of growth post COVID19. “In the highly uncertain environment now, extensive collaboration and cooperation between all stakeholders are vital to our future prosperity. The Virtual Policy Council will propose the best approaches Dubai, and the UAE can adopt to address the risks and opportunities in the next normal economy”. (Source: Khaleej Times) UAE Forsan later tweeted about the event saying the council would play a crucial part in the post-coronavirus recovery of the Emirate and the country. In a post-coronavirus world, Dubai is also looking to revamp its economy to new heights with a booming property and investment market with suggestions from the council. In the first round of talks, a panel of Education experts discussed the transition to distance learning in schools and transformative changes in school education. The committee also discussed an educators’ evolving role in virtual classrooms and changes to classroom syllabi to prepare students for a post-coronavirus job market & citizenship requirements. The council also discussed the pandemic’s impact on international trade, foreign investment, tourism, and digital globalization. Are you looking to start a company in the Emirates? Find out why BizVibeZ is the best option to set-up a business in a post-lockdown UAE.