The world’s economy has come to a halt due to COVID-19. It destroyed many livelihoods making the future look bleak. The effect is going to be more devastating for a country like UAE.
UAE strategically relied on oil exports from the past 5 decades. The kingdom changed its economic outlook in the last decade, aiming to become an international tourist destination and a financial hub. Accordingly, significant investments were made; Palm Jumeirah and Burj Khalifa are a few accomplishments to mention.
The travel and tourism industry contributes a whopping $43.3 billion, equivalent to 12.1% of its GDP. Hence, the crisis poses a great risk for the kingdom’s future and its investors. To tackle the situation, the crown has government released a $70 billion economic package, equivalent to 18% of its GDP. The economic package might not be sufficient and can force the gulf nations to put their differences aside and work together.
“Never waste a good crisis” — Winston Churchill
Originally published at http://sriheroyennana.wordpress.com on June 6, 2020.