Towards a Non-Oil Economy: Impetus Expo 2021 gave to UAE

The gulf nation whose major growth is due to oil production and tourism suffered a double blow when Covid hit the world. The global pandemic pressed the pause button on the Expo 2021 scheduled for October 20, 2021, to April 10, 2022.

Amid Chaos, the nations worked together and pulled the pandemic spread. This was followed by the inauguration of the event of this century, Expo 2021. It is not just a show of the present but contains the seed of UAE’s non-oil future. 

IHS Markit released a report recently in which it states that the UAE’s Purchasing Managers’ Index (PMI) surged to 55.7 in October, the highest since June 2019.

Dawid Owen, an economist at IHS Markit mentioned that there is an increase in output and new businesses. Expo 2021 gave the necessary economic boost by increasing the sales in various sectors which makes more companies predict a rise in their activity for the next 12 months.

Even though export doesn’t have a significant number, it is showing progress. For the UAE government, the challenge would be to keep this momentum created by Expo 2021 sustained for the coming months. Experts also believe, relaxing the pandemic restrictions gave additional impetus to the economy.

It’d be interesting to see how the nation progresses as it explores the vision of a Non-Oil economy. 

On the 9th floor, there is a 30-seat dining bar, Jubilee Gastronomy. On Tuesdays, it’s been planned that well-renowned chefs across the world would host their specialty four and ni-course menu for lunch and dinner.