Impact of Coronavirus on the UAE Economy

What is the coronavirus? And what are the impacts of this virus?

Additionally, through what ways are effecting the economic values of the UAE? All the answers to your questions detailed in the following article. The coronavirus is the disease that is spreading all over the world. It is spreading very fast that we can’t even imagine. 

The coronavirus has spread great terror amongst many people. The viral disease is spreading from person to person. Thus, the government of the United Arab Emirates has decided to lock down everything. Therefore, people should stay in their homes. 

By staying at the home mean, you should avoid contact with other people and take care of yourself. This disease has many impacts on the routine life of everyone. The virus is also affecting the economic values of the state. 

The globally spread disease was at first detected in China’s country named Wuhan. Further, this disease is then spread all over the world. The World Health Organization declared the corona-virus as a worldwide pandemic. Although to its excess it is spreading towards 110 nations. Also, this has infected almost a great number of people. 

Although, according to the associated press. The disease has a great effect on countries like the United Arab Emirates, Saudi Arabia, Bahrain, and Oman. Yet, all these have a great number of coronavirus cases. This is the time when the whole world is suffering from coronavirus while UAE is involved in other problems as well. Problems that include this virus, various conflicts, stress, economic crisis, as well as the political unrest.

COVID-19 keeps on affecting markets including all the national as well as the global economies. But, the Gulf economies were already coming at the lowest points before the spread of the coronavirus. The economy of Saudi Arabia and the United Arab Emirates both have marked shortcomings. 

On account of the UAE, the Purchasing Managers Index (PMI), presents a great amount of prevailing direction towards the economic trends. The assembling and administration sectors fell 50 marks because a sign of contraction is present in those areas.

Additionally, combining that with a 6% year-on-year drop in the prices of real estate. These led down the value of the Dubai private sector and the real-estate sector. The real-estate sector has slowed down the development within three years. Besides, the development of the decrease rate of the economy is a marker of concern.

Hope for the economy in the UAE 2020:

The only hope for the development, for the Emirates, is Expo 2020. The exhibition is going to get scheduled and launch in October of the existing year. Likewise, this would run through to April 2021. 

With the cancellation of the event, which is a very low possibility, this would have a major negative effect on Dubai and its economy. Whereas, the expo 2020 was expecting to help the country to progress. Besides, it would also help those who are experiencing the difficulties of a disturbed economy. 

The committee counsel that was going to lead by Sultan Saeed Al Mansouri, Minister of Economy, incorporates agents from different competent bodies. Besides the fact that it is the fundamental part of the government. The preventive measures to deal with the aftereffects of the spread of the COVID-19 virus on the economy. The fundamental measures to help the national economy and to promote its different activities. 

Following the Cabinet’s approval of a Dh16 billion to boost the economic package of activities. To help and manage the organizations and give an extra impetus to the national economy. Besides that completing the existing economic packages that are going to get declared by the Abu Dhabi government, Dubai and the Central Bank, totaling Dh126.5 billion.

What are the Precautionary Measures:

The Committee will propose precautionary measures to lessen the negative consequences of the COVID-19. The coronavirus has a great impact on the nation’s human resources and economic sector. Every year UAE draws in more than 17 million visitors, Damak stated, but this year it plans to pull in 25 million visitors to Expo 2020 Dubai in October. 

Saudi Arabia gets 20 million visitors every year, the more significant part of the visitors for religious purposes. However, the kingdom has temporarily suspended the entry to the country. Further the visitors coming with the purpose of performing Umrah and visiting the Prophet’s Mosque. However, it is an essential place for Muslims to visit.

Damak said, at this stage, it is challenging to tell if Expo 2020 can be arranged or not. Yet, this might affect the pilgrimage season which usually starts in July. Further, this will be affecting the viral infection spread worldwide and would outbreak. In addition, if this would be the situation, then the economic impact on both Saudi Arabia and the UAE would be higher than what we currently expect.

According to the following article:

https://middle-east-online.com/en/uae-support-economy-coronavirus-impact

This virus outbreaks and has begun to hit the vital sectors of the UAE economy. Presenting it with the example, tourism, and aviation. Abu Dhabi, the capital of the United Arab Emirates, allocated 1 billion Durhams ($272.27 million) to establish a reserve “to improve liquidity and maintain the balance and the market interest in stocks,” the Abu Dhabi Government Media Office stated on Twitter.

The nation’s stock markets have failed within two weeks, with Dubai’s main index tumbling about 30%. However, Abu Dhabi is sinking around 25% in a similar time frame, as the tumbling oil costs include further pressure on the Gulf economies. 

Abu Dhabi said it would assign some further 3 billion Durhams for a credit to ensure a plan for small and medium-sized enterprises (SMEs). To restore financing by local banks, while another 5 billion Durhams will go to sponsor utility bills. Several expenses were rejected or diminished, including the registrations of the real estate. The new businesses and tourism as well as sectors including hospitality.

Conclusion:

No one knew how long does corona-virus last, thus the government has decided to lock down everything for almost two weeks. Furthermore, within these two weeks, the stock market and economy rates of the UAE have decreased as well. Although everyone must follow the corona-virus precautions to stay safe and protected. 

The nation’s stock markets have failed within two weeks, with Dubai’s main index tumbling about 30%. Hopefully, this article has helped you. This article would let you know more about corona-virus and the impacts of the corona-virus in the UAE. That is why you should maintain social distance and stay safe.

What is Coronavirus and how to prevent this disease?

What is a Coronavirus:

However, this virus is considered to be the type of coronavirus. A coronavirus is a group of infections that can multiple illnesses that include, cold, severe acute respiratory syndrome (SARS) and the Middle East respiratory syndrome (MERS).

The new coronavirus is spreading from person to person among those who are in close contact. Through the respiratory droplets, it is spread, when somebody who is infected with coronavirus coughs or sneeze. It’s still not clear how contagious this virus can be.

Where did Coronavirus come from?

A virus that has been spread worldwide is called as the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). Nowadays this disease has been recognized as the main cause of illness. However, this disease started in China in 2019. The infection is named coronavirus disease 2019 (COVID-19).

What can I do to avoid becoming ill?

World Health Organization and Centers for Disease Control suggest the following ways that should be made necessary to avoid COVID-19:

  1. You should avoid events and gatherings that are surrounded by many people.
  2. Try to avoid close contact and maintain a distance of about 6 feet with anyone having symptoms or feeling sick.
  3. Have distance between yourself and other people if COVID-19 is spreading in your community. Especially if you have a weak immune system or higher risk of serious illness.
  4. Wash your hands regularly with soap and water for almost 20 seconds, or use an alcohol-based hand sanitizer that contains about 60% of alcohol.
  5. You should cover your mouth and nose with your elbow or a tissue when you need to sneeze or cough. Discard the tissue that you have used.
  6. You must avoid touching your eyes, nose, and mouth if your hands aren’t clean or sanitized.
  7. Clean and sanitize surfaces you frequently use in your regular routine.

How can I avoid the risk of infection?

Here are a few precautionary measures you and your family can take to stay away from the disease: 

  • Wash your hands every time you touch any area that might have germs. 
  • Cover mouth and nose with tissue paper whenever you wanted to sneeze or cough. To discard utilized tissue right away after using it.
  • Maintain distance from close contact with any person who is having a cold or flu. 
  • Go to the hospital if you or your family member has a fever, as soon as possible.

How to wash your hands properly:

Step 1: Wet hands with running water 

Step 2: To cover wet hands applies enough soap.

Step 3: Wash all areas of your hands including the back of hands, in between the fingers and under the nails for almost 20 seconds. 

Step 4: Rinse your hands completely with running water.

Step 5: At the end dry your hands with a clean towel

Wash your hands frequently, before eating; after cleaning out your nose, sneezing, or coughing; and before going to the bathroom.

If soap and water are not available at the moment, utilize an alcohol-based hand sanitizer with 60% of alcohol. Continuously wash your hands with soap and water, if you notice any dirt on your hands.

Should I wear a medical mask?

Prefer wearing a medical mask is advised if you are having a weak immune system or have respiratory symptoms. This includes both(coughing or sneezing) to protect others from getting it. 

If you are not having any kind of symptoms, you are free and then there is no need for you to wear a mask.

If you are wearing masks, then you must know that these masks should be disposed of properly to ensure the safety of others. Disposing of the masks would lessen the fear of reusing it and to avoid the risk of transmitting the virus into others. 

Not only wearing masks are enough to stop infections from spreading and must involve frequent hand washing as well as covering sneezes and coughs, and avoiding close contact with anyone who is having the symptoms of a cold or the flu.

Does coronavirus affect infants?

Although we don’t know much about this virus, how it influences kids or pregnant ladies. However, it is possible for people of all ages to be contaminated with the infection. But there are not many instances that indicate that COVID-19 is infected among kids. 

The infection is dangerous and causes death in various cases. Therefore, it is necessary for every person to take care of themselves.

What if I have the symptoms of COVID-19?

Go to the hospital for the checkup, but do remember that it is flu season in the Northern Hemisphere. Further, the symptoms of COVID-19, including, cough or fever that can be like this season’s cold virus, or can be basic cold.

Keep on following good hand and respiratory hygiene and keep on maintaining the habit of washing. And keep yourself and your children up to date with the latest vaccinations. These vaccinations will save your children from getting the virus and different microscopic organisms that might cause sicknesses. 

What to do if we travel?

If you are planning a trip abroad, you check the travel and tourism advisory for the desired country you want to visit and consider any limitations on the entry, what are the quarantine requirements on the entry, any other travel advice you need to know before traveling. 

Before you travel towards another country and get isolated due to the viruses spread all over you should check the most recent COVID-19 precautions and updates on the International Air Transport Association site. This will help you get to know more about the conditions of nations and what are the precautionary measures.

Clean your seat, armrest, touchscreen, and so on with a sterilizing wipe once you get inside an airplane or another vehicle. Additionally, utilize a sanitizing wipe to clean key surfaces, door handles remote controls.

If a family member has symptoms?

You look for medical care as soon as possible if you or your youngster has a fever. Consider calling your health care provider if you have made a trip to an area where COVID-19 has been viral, or if you have been in close contact with somebody who has gone from one of these areas and has respiratory symptoms.

Conclusion:

Coronavirus is a serious disease that is spreading all over the globe covering almost everyone. The virus can be controlled with special care and self-isolation. In order to save yourself from the virus, you must follow a few healthy habits and isolate yourself so that you won’t get the disease. The proper way of washing your hands and avoid unhealthy activities would probably save you from getting this virus.

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