DUBAI: While Dubai’s economy is expected to contract by 6.2 percent in 2020, with the travel and hospitality sectors hit hard by the coronavirus pandemic, the emirate saw a surge in bank financing for the transport, storage and communications sectors, and strong growth in the establishment of new financial technology (fintech) companies licensed to operate.
Dubai sees economy shrinking 6 2% before rebound in 2021 arabianbusiness.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from arabianbusiness.com Daily Mail and Mail on Sunday newspapers.
Dubai economy forecast to grow by 4 per cent in 2021
24 Dec 2020 The photo has been used for illustrative purposes.
Since the onset of the COVID-19 pandemic, Dubai has responded with swift and effective health measures and economic support initiatives that protected lives and livelihoods.
This has enabled the Emirate to contain the spread of the COVID-19 virus and its impact on the economy, and paved the way for a quick recovery.
The comprehensive preventive and support measures were implemented following the directives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the close follow-up of Sheikh Hamdan Bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of The Executive Council of Dubai whose leadership of the crisis became a global role model for combating COVID-19.