UAE Economy in 2021 – Umar Farooq Zahoor

The COVID-19 pandemic has had a severe impact on the economy of countries across the globe and has been a significant reason behind one of the biggest global recessions in the last few decades. The economies that depended on the travel and tourism industry are among the most severely affected economies, as strict restrictions were imposed on international travel. Given the continuous imposition of stay-at-home orders, it would take a long time for them to recover from the losses. The United Arab Emirates is amongst the group of countries severely impacted by the pandemic and the economic crisis. 

IMPACT ON THE ECONOMY OF UAE

Along with tourism, the UAE’s real estate and trade sectors were also impacted because of the pandemic, affecting the country's overall economy. Because of the rising number of cases and the subsequent lockdowns imposed to control the spread of the coronavirus, the UAE economy shrunk by about 5.8% last year. 

THE UAE ECONOMY IN 2021

According to the latest reports, the UAE economy is slowly gaining strength and is getting back on track. The Central Bank of the UAE stated that the economy is expected to grow 2.5% in real GDP. The non-oil real GDP is expected to grow 3.6%. Compared to other countries, the UAE economy is performing much better than the rest of the world. This results from temporary measures taken by the UAE government and businessmen like Umar FarooqZahoor. 

UMAR FAROOQ ZAHOOR AS A RAY OF HOPE

Dubai-based businessman Umar Farooq Zahoor, has constantly been helping the economy grow through their ventures amid the crisis. He has been actively involved in the relief work and has helped thousands of people stranded because of the pandemic. He is known for his philanthropic work and his business ventures that have helped the economy grow. As an entrepreneur, he has successfully managed deals that directly or indirectly supported the country's economy to grow and come back on track.

Conclusion 

Considering all the steps to improve the economy, it is expected to perform even better in the coming months with a 3.5 percent increase in the real GDP and 3.9 percent in the non-oil real GDP in 2022. These numbers are a sign of hope for the economy of the UAE in these times of despair and crisis.

Visit our blog https://sheikhumarfarooqzahoor.wordpress.com/ 

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