UAE to build post COVID-19 economy on digital.
We are happy to share with you that the UAE has given the first indication of how it plans to shape the economy in a post-COVID-19 world – Go Big on Digital. This digital economy would be built around 5G – the latest telecom infrastructure and in which local telecom have already committed significant investments into the rollout.
This will mean a “more active role for governments in the national economy. The next phase will see a long-term stimulus plan to speed up recovery… and encourage investments in digital economy,” said Sultan Al Mansoori, UAE Economy Minister, in a statement issued by WAM.
These funds will come in handy for the “gradual opening” of the economy and businesses while “adhering to precautionary measures”.
The Dh282.5 billion will go to sectors most directly affected by the pandemic, as well as support SMEs. The funds will find their way to “beneficiaries through effective schemes and plans”, the statement added.
Economic trends for post-COVID-19 era will give rise to a new global supply chain and new business patterns said Sultan Al Mansoori, UAE Minister of Economy
So far, individual emirates have come up with their own relief and stimulus programmes, while the UAE Central Bank went in for a two-part package totalling $70 billion. In addition, individual entities, such as Emirates airline, is in for funding support from its key shareholder Dubai. Other government-owned enterprises too could be headed the same way.
“We call on the private sector to prepare for the digital economy phase that will drive the recovery, nurture future employment skills, shift towards integrating technology at every stage of production to ensure business continuity and growth in the future,” said Al Mansoori.
- A gradual opening of the economy and businesses, adhering to precautionary measures and providing stimulus plans;
- A long-term stimulus plan to accelerate recovery and advance growth;
- Encouraging national industries, ensuring provision of necessities, and exploring diversification of imports;
- The crisis has demonstrated the relationship between life sustainability and technological capabilities.