Dilnoza Yakubova

World is Moving to Dubai

Egyptian billionaire is all praise for Dubai and the world is flocking to the emirate after its successful handling of Covid-19 pandemic that led to the opening up of the economy and return of tourists.

“The World is moving to Dubai … cheers to Dubai,” tweeted Naguib Sawiris, chairman and CEO of Orascom Investment Holding.

The 66-year-old Sawiris, who owns assets worth $3 billion, is the highest-ranked foreign investor who acknowledged that Dubai is rising fast in the post Covid-19 period.

Even some analysts have also recognized the emirate’s success story and betting on strong recovery in its strategic sectors retail, hospitality and tourism with the arrival of Covid-19 vaccine.

It is estimated that the emirate’s economy will expand four per cent next year on the back of effective policy measures taken by the emirate’s government that will drive increased investment inflows and job creation in the coming years.

London-based research consultancy has stated that Dubai stands out in the Middle East for adopting protective measures to contain the pandemic and is one of the major beneficiaries of the vaccine.

“Dubai, which stands to be among the biggest beneficiaries from a vaccine, has received a shot in the arm with the news that tourists will flock to the Emirate over the next month,” said Capital Economics.

“Dubai has also been boosted by the establishment an air travel corridor with the UK, traditionally the source of around 7% of all tourists. All told, this should provide Dubai with a short-term boost to round off a year where the economy has been hit particularly hard by the effects of the pandemic,” it added.

Source Khaleej Times https://www.khaleejtimes.com/news/world-is-moving-to-dubai-egyptian-billionaire-naguib-sawiris-says

-waheedabbas@khaleejtimes.com

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