World could emulate UAE’s economic model – GulfToday

World could emulate UAE’s economic model – GulfToday

The coronavirus pandemic may have infected the economies of several countries, but not the UAE which has put up a remarkable defence against it. By way of example, the United Arab Emirates said it would allow foreign investors to have full 100 per cent ownership of business ventures from June 1. The UAE is among the first countries to start the recovery phase, ranking first in the Arab region in the COVID Economic Recovery Index Ranking issued by the Horizon Research Group. There are several reasons for this financial eupepsia. In the UAE, despite the tough challenges posed by the coronavirus, there were early signs of a rise in international trade, such as the gradual lifting of movement restrictions, the issuance of bonds and sukuk, and the return of spending levels to normalcy. In the oil and gas industry, Adnoc, the government-owned firm in Abu Dhabi, discovered a new natural gas field in the area between Seih Al Sedirah in Abu Dhabi and Jebel Ali in Dubai, containing massive stocks totalling some 80 trillion cubic metres. This speeded up the country’s drive towards self-reliance in natural gas supplies. That was not all. The Supreme Petroleum Council (SPC) also announced the