Experts at NexTech dialogue series praise UAE's digital transformation programmes

sector’s performance for the same period. Aref Al Muhairi, Executive Director of Dubai Statistics Center, said: "These figures indicate that there is a positive development and rapid recovery of both Dubai’s and the UAE’s economy, compared to 2020, which witnessed major economic declines worldwide, driven by the slowdown in the sectors of tourism, transport and other economic activities. This is a natural consequence of the pandemic on the global economy." Al Muhairi explained that Dubai’s economy contracted by -3.7 percent in Q1 2021 compared to Q1 2020. Nonetheless, this contraction points to a positive development in view of the performance back during 2020 when the contraction reached -10.9 percent, compared to 2019. Al Muhairi indicated that despite the decline in certain activities in Q1 2021, others, especially those of high strategic significance, witnessed strong growth. This is most evident in the trade sector, which contributes close to 24 percent to Dubai’s GDP, whose growth reached 2.8 percent in Q1 2021, compared to the corresponding period in 2020. The trade sector was one of the leading sectors whose contribution to economic activity has lessened the economic impact of COVID-19. Dubai foreign trade data issued by Dubai Customs indicate that non-oil foreign trade grew in Q1 2021 by 10 percent, reaching AED354.4 billion, compared to AED323 billion in Q1 2020. Exports achieved a significant growth of 25 percent, reaching AED50.5 billion, and the value of imports increased by 9 percent, to reach AED204.8 billion, while the value of re-exports increased by 5.5 percent, to reach AED99 billion. The financial and insurance activities also achieved a growth rate of 3.5 percent in Q1 2021, compared to Q1 2020, and their contribution to the emirate’s GDP rose to reach 12.8 percent. It is also one of the sectors that contributed to reducing the impact of COVID-19 on economic performance. This performance resulted from the growth of total deposits and loans during Q1 2021, as loans grew by 2.6 percent and deposit balances grew by 3.3 percent, while interest rates on loans decreased by 24 percent and on deposits by 35 percent. Moreover, activities in the manufacturing industry also witnessed a growth of 3.2 percent, and their contribution to the overall economic performance increased to 9.5 percent. Consequently, it was one of the activities that contributed to reducing the impact of the global economic decline on the emirate’s economy. The activities of the food industry, pharmaceutical products, rubber and plastic products, and base metals manufacturing contributed to the growth of the manufacturing sector positively. Real estate activities also achieved a growth rate of 2.4 percent during Q1 2021, compared to Q1 2020, contributing to 8.7 percent of the real GDP. Consequently, it was one of the supporting activities to overcome the effects of the global economic decline and its consequences on the Emirate's economy. The real estate sector in Dubai achieved a significant growth in sales transactions in Q1 2021, compared to Q1 2020 and 2019 before the outbreak of the epidemic. This shows the high resilience of the real estate sector in Dubai and its ability to respond to economic developments and demand volumes. The Dubai Statistics Center report indicates that during Q1 2021, the COVID-19 pandemic affected the accommodation and food services, transport and storage sectors. Both activities decreased by 25.6 percent, compared to Q1 2020. This decline is considered normal under global economic circumstances, as most countries of the world closed their airports, land and sea crossings to passenger traffic and adopted precautionary measures, causing the reduction of movement of international visitors, and significant negative consequences on tourism movement globally. While it is expected that Dubai’s economy will be affected by global conditions given its critical role in regional and global trade and airline passenger traffic, it is important to note that the emirate’s flexibility, advanced capabilities and strategic administrative system enabled a rapid and effective response to the crisis and thereby minimised the economic costs of the pandemic, both in absolute terms and compared to many regional and global economies.

SHARJAH, 21st September, 2021 UAE's forward-looking vision and strong human resources were among the key factors in ensuring the success of country's digital transformation programmes, according to experts. They pointed out the vital role of a robust infrastructure, service providers and IT services in facilitating the digital transformation journey of public and private sector enterprises. The opinion was shared by a number of participants who convened for the second edition of the NexTech technology dialogue series, organised by Sahab Smart Solutions, in partnership with the Sharjah Digital Office on Monday. Titled 'The Future of Information Officers', this edition was hosted at the Sharjah Research, Technology and Innovation Park (SRTIP) and comprised four discussion sessions, which focused on empowering Chief Information Officers (CIOs) with knowledge of latest trends and challenges in the ICT sector. The forum highlighted emerging digital strategies and