The UAE continues to take the lead in global trends despite the raging pandemic, Dubai’s Ruler revealed today, pointing out that while the world lost millions of jobs in 2020, the UAE created about 248,000 jobs.
“The world economy shrank 4 percent, international trade dropped 20 percent, and the world lost millions of jobs in 2020,” HH Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE mentioned in his tweet.
“In the same year, the UAE economy created 100,000 jobs in retail sector and e-commerce and 148,000 jobs in the financial, technology and telecommunications sector. We repeat: Crisis management creates opportunities and management crises destroy gains,” said Sheikh Mohammed.
The UAE created a total of 250,000 jobs in the retail, technology, finance and telecommunication sectors in 2020, despite the Covid-19 pandemic that dented the global job market.
The UAE, which is the second biggest Arab economy, contributed by adding 100,000 jobs in the retail and e-commerce sector, and another 148,000 jobs in the finance, technology and telecommunications sector in 2020.
"Crisis management creates opportunities ... and crises in management destroy gains," Sheikh Mohammed said on Twitter.
This boost in the UAE job market came despite the fact that the global economy shrank 3.3 percent last year. It saw its worst recession as the Covid-19 pandemic disrupted the trade, paralyzing travel and compelling countries to induce lockdowns which led to more unemployment and poverty, the International Monetary Fund (IMF) said.
However, the UAE reacted quickly to the recession caused by the pandemic, by rolling out economic stimulus measures to help businesses and residents in managing with the impact of the crisis. Overall, the country unveiled economic support packages worth Dh.388 billion after the onset of the pandemic.
Dubai was also one of the first cities to re-open its borders to international travel in July 2020 by placing rigorous health and safety measures in place, which helped boost hospitality and retail sectors.
Although the year 2020 was a tough year for construction retailers, the pandemic increased the boost in e-commerce sector, with more consumers preferring shopping from home due to Covid-19 restrictions.
UAE saw an increase in online consumer spending in 2020, largely driven by the 21 percent annual jump in number of online shops, apart from the 44 percent annual surge in the number of high-volume e-commerce trading partners last year.
There has been considerable improvement in the technology sector too, given the additional investments during the pandemic as businesses created more innovative solutions for telemedicine, remote working and learning from home.