The United Arab Emirates (UAE) created around 250,000 jobs in the finance, retail, technology and telecommunications sectors in 2020 despite the coronavirus pandemic that dented trade globally and took its toll on the job market, The National reported on Thursday.
Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, wrote on Twitter on Saturday that the country, the second biggest Arab economy, added 100,000 jobs in the retail and e-commerce sector and 148,000 jobs in the finance, technology and telecommunications sectors last year.
“Crisis management creates opportunities … and crises in management destroy gains,” Sheikh Mohammed said in a tweet.
This boost to the UAE job market came despite the global economy dwindling 3.3% last year. It slumped into its worst recession as the COVID-19 pandemic crippled travel, disrupted trade and forced countries into lockdowns that led to higher poverty and unemployment, according to the International Monetary Fund.
The UAE reacted swiftly to the pandemic-driven slowdown, and enforced economic stimulus measures to help residents and businesses weather the impact of the crisis. Overall, the country has unveiled economic support packages worth at least Dh388 billion since the pandemic started.
Dubai was among the first cities to re-open its borders to international tourists in July 2020, after putting stringent health and safety measures in place, which helped improve the retail and hospitality sectors.