UAE has celebrated its 50th year from inception, under the economic damper of the COVID pandemic. It has recorded 1.7% growth in 2021, however, it is expected to reach pre-pandemic levels by early 2022, as well as being poised for further growth in the coming period.
To aid this growth UAE is making a series of amendments to its commercial company law and taking steps to allow the establishment of acquisition companies in 2021.
Other new steps taken by the UAE administration to increase competitiveness include an impending change to a 4.5-day workweek and a Saturday-Sunday weekend, which is expected to boost businesses and the economy.
Having a trendy young population profile with a median age of only 32.6 y.o., UAE is digitalizing its business to meet the evolving market needs. In 2021 virtually the entire UAE population are active social media users, with one of the highest global rates of smart device penetration. The future is clearly digital, with an accent on e-Commerce, Fintech, and Digital Media.