Coronavirus: UAE moves to mitigate economic fallout
From mid-March, the UAE Central Bank moved to protect the economy, buffering banks and businesses with an economic support scheme worth around 65 billion euros. According to a recent survey of financial lenders, these support measures have instilled considerable confidence. 42% of respondents in the UAE said they believed their companies could go back to ‘Business as usual’ within 3-6 months. Entire sectors have had to adapt and move their businesses online. And mobilizing the latest technology has been vital in assessing the risk to both public health and the economy. “We could see a sort of smart lock down for certain areas, in the UAE.
The investment in the healthcare sector, the investment in crisis management, risk management, investment in artificial intelligence, data analytics are a must for the future,” explains Tareq Al-Dawoud, a risk management specialist.