Umar Farooq Zahoor - An Entrepreneur, Investor, Philanthropist

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 th...

UAE is coming up as one of the strongest and diverse economies in the world. They are recovering fast and sustainably with a long-term plan in the process. The Ruler of Dubai, Sheikh Mohammed, believes and boasts about the growth in the country's revenue stream and the golden future it holds. This statement comes after he chaired a meeting with the Ministry of Economics’ task force to review post-COVID-19 recovery plans. This meeting was attended was various important dignitaries and ministers of the cou ntry. Sheikh Mohammed, the Vice-President, Prime Minister of the UAE and Ruler of Dubai, was briefed about the plan for the recovery of the economy named "The Fifty economic plan" that talks about the project next one decade and the critical outcomes by 2030. The plan's critical aspects were presented to the ministry, along with the outline of a detailed plan. The country is moving towards a well-integrated, competitive economy that has a proactive and positive stan...