Saturday 25 June 2022 - 9:32:36 am

Khalifa Fund publishes ‘Future Market Trends Report 2022’

ABU DHABI, 3rd March, 2022 (WAM) -- Khalifa Fund for Enterprise Development has published the ‘Future Market Trends Report 2022’, which highlights the UAE’s economic ecosystem and the current consumer behaviour patterns, while also giving insights into how the UAE has made a fast recovery from the pandemic’s economic implications.

One key insight predicts post-COVID-19 GDP growth in UAE as a result of the governmental procedures which have been adopted to cushion the pandemic’s impact, alongside support from primary sectors.

The detailed report also addresses the country’s efforts in building a strong knowledge-based economy, and the drastic transformations in investment and economic behaviour in the short and long run as a result of adopting digitalisation. This ‘digital economy’ is expected to create many high-paying jobs while producing larger revenue streams, as an investment in artificial intelligence (AI) increases, more employment opportunities will appear in the sector, considerably boosting the UAE’s economy.

Alia Al Mazrouei, Advisor to the Chairman at Abu Dhabi Department of Economic Development, commented, "Khalifa Fund has always focused on a diverse array of tactics to guide entrepreneurs and support the UAE economy. The Future Market Trends Report 2022 is an effort to accomplish that same goal. I am confident that it will help businesses across the country in devising optimal operational strategies, which deliver improved services, and keep their target markets fully satisfied."

She added, "While health and safety will remain the primary economic drivers for the foreseeable future, entrepreneurs and business owners should continue researching their market and target customers’ needs to stay relevant. For businesses, it is important to respond proactively as It will help them maneuver within a rapidly changing market which is consistently growing."

According to the report, the pandemic, while having negative economic impacts on the global economy, has also revealed new opportunities and some positive impacts as it has helped escalate technological adaptations which have led to reducing development time span in priority sectors. This has triggered consumers’ tendencies to adopt a behaviour that is increasingly focused on wellbeing and the emergence of new technological healthy lifestyle trends.

The report also showed that flexibility and cost reduction have become the criteria to drive the future of the business, anticipating the governmental continuous support in developing and empowering entrepreneurship within the youth in the near future.

The extensive report also indicates the UAE Government’s efforts to counter the economic impact of COVID-19, such as stimulus totalling around 18 percent of the UAE’s Gross Domestic Production (GDP). The majority of the AED100 billion in financial help offered so far have been allocated for Small & Medium-sized Enterprises (SMEs) and consumers. In addition to the AED16 billion announced by the UAE government for all 7 Emirates. It also makes reference to digital transformation, and how many consumer behaviours changed, which may have permanently altered the relationship between technology and well-being as a lifestyle.

WAM/Esraa Ismail/Lina ibrahim