The UAE has proved its resilience many times and has a history of recovering faster than others from global financial and health crises, says an industry veteran.

A Pattern of Faster Recovery

"If you look back, the UAE and Dubai recovered faster than any other economies from all the previous crises it faced in the last three decades, be it the Gulf War, Sars, the global financial crisis, bird flu, etc. It recovered fast, breaking all predictions. Whatever the depth of the crisis might be, Dubai has emerged stronger. So, there is a pattern and history of faster recovery from crises," said Rizwan Sajan, chairman of Danube Group.

Dubai's ability to adapt quickly and respond promptly to a crisis, led by its leadership, together with its status as an open economy, helps the emirate overcome challenges fast. Sajan said the coronavirus will not affect the UAE's long-term competitive advantage.

"In all likelihood, it is a stress test for various economic sectors and businesses. Those who have attained economic sustainability will come back strongly. This is a wake-up call for businesses that did not attain sustainability," he said.

A V-Shaped Recovery Ahead

"The UAE, especially Dubai, will see a massive growth in business activities and the country's economy is poised for a sharp V-shaped recovery in the fourth quarter of the year. Looking back, the Covid-19 pandemic will be remembered as a short-lived nightmare," the chairman said.

Danube Properties is one of the few private Dubai developers to successfully launch a new project earlier this year, at a time when launches had slowed because of oversupply. The developer was also one of the first to launch affordable homes, an industry-setting 1% monthly payment scheme and rent-to-own schemes.

"While many countries are witnessing a second wave in the coronavirus' spread, the UAE appears to be out of danger. If the UAE becomes a Covid-19-free country, we will witness a massive influx of tourists returning to enjoy the country's world-class facilities. This will make the UAE an attractive destination for living, working, doing business, tourism and investment."

Sajan stressed that Covid-19 is a short-term public health crisis that will soon become part of history.