In our nation’s relatively short history, the United Arab Emirates has proven its strength time and time again. In recent months, the UAE has not only been able to safely reopen its borders, it has also carried out one of the fastest vaccination campaigns in the world, and has become the first Arab country to reach Mars.
And the launch of ambitious strategies such as the Dubai Urban Master Plan 2040 and the 300 billion process to stimulate local industry. This Ramadan is a good time for all of us to reflect on these latest accomplishments as well as our future path. We as the UAE business community are reminded that we must remain focused on the future path, inspired by opportunities rather than dying us from recent challenges.
In the retail sector, COVID-19 initially sent shock waves. Landlords and retailers alike have been affected by fluctuations in consumer appetite. At this time last year, changes in labor requirements, scheduled branding campaigns, and phased reopening of stores in the UAE took a great deal of flexibility and industry-wide coordination. It is estimated that annual retail spending for UAE residents decreased by AED 8.2 billion in 2020.
However, retailers in the UAE are now more prepared to overcome the roadblocks imposed by COVID-19. More information, resources, and best practices are available to reduce disruptions. It enables retailers to recalibrate their offerings to be more inclusive, using digital platforms to help retain and grow their customer base.
New partnerships, boards and funds have been created to support those most affected. We are also continuing to benefit from the UAE government’s investments in public education regarding COVID-19 and widespread testing.
The resilience of the sector is evidenced by the Dubai Chamber’s latest forecast that retail sales in the UAE are expected to reach $ 58 billion by the end of 2021, an increase of nearly 13 percent year-on-year. There is no doubt that a robust vaccination program coupled with mega events such as the Dubai Expo will lead to a rebound in 2021 and lead to next year.
The size is relative
As retailers, we can take a page from the Emirates Mars Mission team guide. You don’t have to be a big company – or a country – to make a big impact. Through determination, patience, and fulfillment of one’s values, breakthroughs can be achieved. We must continue to evolve and adapt, but always with long-term inspiration in mind.
If we do, then there are no limits to the potential of the future …
More to track …
Bulletin Observer Business News
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