As we move in to 2023, the UAE and the region looks very well-positioned within the context of the global economy. The UAE has done exceptionally well in navigating the “Covid era” which included a rapid and smooth exit from any restrictive practices both socially and economically. Once more, the UAE and Dubai in particular, continues to prove and promote itself as a place “ready for business”. This combines with the unique lifestyle benefits offered within the Emirate, along with the competitive and supportive commercial systems, which facilitates ongoing company growth and an environment and magnet for new start-ups.
The post-Covid world has allowed Dubai to re-establish itself being able to demonstrate and fine tune its fundamental strengths. As the world has re-opened; the travel, trade and tourism model has boomed again becoming a further catalyst for the recovery and growth indicators. Growth within these core markets for Dubai creates strong ripple effects across a whole host of other sectors, in turn allowing for the evolution of the UAE job market, to deliver excellent and diversifying job opportunity.
Whilst the global economy has encountered many “shocks and headwinds” throughout 2022 and in to 2023, this recessionary pressure seems relatively mild (and potentially non-existent) in the Dubai and UAE economy. Inflation across energy (fossil fuel) prices clearly benefits the UAE, however, Dubai continues to thrive and evolve under its “safe haven” status. This is credit to strong government, dynamic leadership and in particular the ongoing rollout of long term visa options, to encourage further stability and a longer term view on the UAE as a “home away from home”.
The expansion of political ties has been another core strength of the UAE; leveraging-off its regional and global prominence and diplomacy. The Abraham Accords of 2021, set a new precedence at a political level, which has allowed for a ground-breaking level of understanding and co-operation whilst also creating new and innovate trade links and opportunity.
The combination of these dynamics and the opening of further policy shall allow the UAE to be firmly cemented, as both the destination of choice, and the long-term option for many businesses and individuals. This coincides nicely and complements too, the recent announcement by HH Sheikh Mohammed Bin Rashid Al Maktoum, Ruler of Dubai and Vice President of the UAE, of the plan to double the GDP of the Dubai economy within a decade. The relaunch of megaprojects under this initiative, shall further enhance the prospects and opportunities, across certain sectors and areas of specialisation.
These are exciting times, we all need to stay tuned.