Dubai Investment Development Agency (Dubai FDI), an agency of Dubai Economy, organised a virtual dialogue in cooperation with Ernst & Young (E&Y) where senior representatives from the public and private sectors highlighted the various government stimulus packages and incentives launched to minimise the impact of COVID-19 on foreign investors and the business sector in the UAE.

The webinar was part of the ‘Public-Private Connect Programme 2020’ series designed by Dubai FDI to promote public-private engagement and partnership, and update investors in the UAE on the business environment in Dubai. A 10-year-old programme, the Public-Private Connectis a vibrant platform for the public and private sectors to meet and discuss new developments, build new partnerships, and strengthen existing ones.

The virtual session had speakers from the UAE Ministry of Economy, Dubai Economy, and Dubai Airport Free Zone (DAFZA) highlighting the significant initiatives launched federally, locally, and through some of the vital free zones to ensure business continuity and sustain FDI inflows into Dubai and the UAE.

Following the global outbreak of COVID-19, the UAE launched an AED 282.5 billion (US $76.9 billion) stimulus package to help offset the impact. The Government of Dubai, under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, also launched an AED 1.5 billion package.

His Excellency Juma AlKait, Assistant Undersecretary of Foreign Trade Affairs at the Ministry of Economy, discussed how the UAE views COVID-19 in the context of globalisation and explained the efforts ongoing in the country to overcome the humanitarian as well as socio-economic impact of the pandemic crisis and adapt to the new reality.

“The world is sailing against the wind in these unprecedented times. Owing to its agile and dynamic Government, and the resilient economy, the UAE is steering towards recovery and sustainable growth, paving its way to the post-COVID-19 era,” AlKait said.

Fahad Al Gergawi, CEO of Dubai FDI, stated that the UAE and Dubai are determined to emerge stronger from the pandemic and provide new investment solutions, strengthen communication with investors, and turn a new leaf in economic diversification, which in turn will further consolidate Dubai as a growth hub for businesses worldwide and a gateway to conveniently connect to 2.4 billion consumers across the Middle East, Africa, Indian Subcontinent and CIS.

“Dubai has always placed economic resilience, competitiveness and innovation at the core of its growth strategies. In fact the pandemic crisis validated our approach and the importance being given in Dubai to building a future-ready economy capable of bringing forth innovative solutions. It’s proven that continuous research and development in key areas like healthcare, financial technology and transport are critical to enabling people and trade to be connected beyond all barriers. We are welcoming the global private sector to Dubai with the best opportunities to go past challenges, grow sustainably and expand to new markets,” added Al Gergawi.

Mohammed Shael Al Saadi, CEO of Corporate Strategic Affairs in Dubai Economy said: “Dubai Economy is constantly in contact with the business community to gather ideas and suggestions, learn about their challenge and jointly overcome them to ensure the sustainability, continuity, and empowerment of these sectors in the future. We at Dubai Economy appreciate the participation and the pivotal role that the private sector plays in economic development. The Business Community Engagement platform is one of our leading economic initiatives. We have confidence in the ability and tenacity of the business community to address the impact of this pandemic, however we need to enhance co-ordination to fight back and make doing business more flexible and easier in future. This webinar is a proactive session that will strengthen co-operation with the emirate’s business community to share the latest government initiatives and get its views and reactions on the current situation. We thank the organisers and our audience for an enriching session, which will benefit everyone involved.”

Jamal Bin Marghoob, Senior Director of Sales at DAFZA, provided an overview of the initiatives designed to mitigate the impact of COVID-19 on business within the free zone. He emphasised that DAFZA is committed to supporting new as well as existing companies in the free zone.DAFZA issued an incentive package to help companies overcome the challenges posed by the global spread of COVID-19, and facilitated their payments. Bin Marghoob added that DAFZA employees have returned to the workplace under government directives and with precautionary measures in place to ensure the health and safety of both staff and customers. All facilities in the free zone, including buildings and warehouses, are being sanitized and sterilised continuously.

E&Y moderated the session and collaborated with DubaiFDI to reach a broader range of Dubai-based foreign investors.“As businesses start to open up again and move to the next phase of recovery post COVID-19, the support of government incentives will play a significant role. It is important for businesses to be aware of and utilise the various incentives available as they navigate through the now, plan through the next and think beyond,” commented Hani Bishara, Head of Debt Advisory and Restructuring, EY.