São Paulo – Dubai has launched an economic program as part of its efforts to reshape the emirate’s economy and try to assure a sustainable and resilient future post-coronavirus, its government said on Tuesday (4).
The Dubai government partnered up with the Mohammed bin Rashid School of Government (MBRSG) to launch “The Great Economic Reset Program” as part of a “COVID Exit initiative,” which is aimed at helping the recovery and reshaping of the economy, state news agency Emirates News Agency (WAM) reported on Tuesday.
The economic program will feature analyses of current and future policies, research, and extensive stakeholder consultation to set the direction and tone of future economic policies, regulations and initiatives. The government plans to use local and international experts in economy and society to create growth strategies for the Dubai economy.
The MBRSG held a “Virtual Policy Council,” with global experts and thought leaders to discuss the impacts of COVID-19 on the economy and potential policy responses and initiatives. Chief economists, senior practitioners and researchers from leading global institutions including the World Bank, joined experts from Dubai Economy and the MBRSG at the roundtable.
“I believe the triple helix collaboration between public, private and academic stakeholders has always produced the best solutions in the past. In the highly uncertain environment now, extensive collaboration and cooperation between all stakeholders are vital to our future prosperity. The Virtual Policy Council will propose the best approaches Dubai and the UAE can adopt to address the risks and opportunities in the next normal economy,” said Dubai Economy CEO of the Corporate Strategic Affairs Mohammed Shael Al-Saadi told Arab News.
“This Virtual Policy Council is a key component of the whole process where global experts and thinkers share their views on the future economy. In this new era, the role of governments in enabling the new economic actors is becoming increasingly central, and Dubai is well-positioned to lead the way with innovative models of growth post-COVID19,” MBRSG Dean professor Raed Awamleh said.
The roundtable also discussed the impact of the pandemic on international trade, foreign investment, and tourism, as well as the rise of digital globalization.
Translated by Guilherme Miranda
