Dubai businesses to see gradual recovery by mid-2021: Alabbar
dubai — Businesses in Dubai are expected to see gradual recovery by the middle of next year following the disruption of key sectors by coronavirus pandemic, according to Mohamed Alabbar, chairman of Emaar Properties.
“We have to really go gradually moving upward towards the end of the year and if there is no major outbreak again there, then by the middle of next year, we are back to normal,” said Alabbar.
Emaar chairman’s views are in line with Damac chairman Hussain Sajwani’s comments made the other day when he projected that Dubai property will take a positive turn next year during the Expo 2020 as market is unlikely to see new major launches this year and the next.
“I don’t think we are going to see more (project) launches in most of 2020 and 2021. Then in October 2021 when Expo starts, we could see the market is going to change in a positive way,” said Sajwani.
With Covid-19 vaccine expected to be out by early next year, analysts and businessmen expect the full recovery of global as well as regional economies next year after contraction in 2020.
Alabbar hailed the government efforts also about containing the pandemic through lockdown and sterilisation progamme, therefore, it is time to go for a phased opening of the economy in a careful manner with checkups and monitoring to set a good example to the world. The UAE has been easing lockdown and restrictions on the movement of the people. It also allowed shopping malls, commercial centres and small private businesses to open after over a month of sterilisation programme. Emaar Properties also opened its landmark asset Dubai Mall last week under strict guidelines of safety and precautionary measures introduced for the businesses.
Alabbar doesn’t see a V-shaped recovery but assured that the emirate will be in a better shape in post Covid-19 era, thanks to its size and status as a commercial hub of the region.
“Dubai is a commercial hub and it depends on businesses from Asia, Russia, Saudi Arabia and Africa. It has a mix of businesses. The global cities are going through this new change and adjustments. Some cities will adjust better than other. With the kind of size of this city and the policies of the government, it will be in a better shape,” Alabbar said during an interview with the CNN.
While commenting on the delay in
Expo 2020 to October next year, he said the Covid-19 vaccine will be available by March-April next year, hence, the pandemic will be under control and “we should use Expo a time of celebration to unite the world after dreadful times.”
We should use Expo a time of celebration to unite the world after dreadful times
Mohamed Alabbar,
Chairman of Emaar Properties