Page 3 - Al Tijarah - December 2020
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Editorial Message

                Countries around the world are now battling with the second wave of Covid 19, as infection rates of the virus are soaring. But
                the wave seems less lethal as health systems are more prepared and gained better experience in dealing with the disease. After
                reopening the economy in many countries, medical experts urged communities to continue diligent Covid 19 precautions such as
                physical distancing and early monitoring for symptoms, but lapses in these preventive measures are leading to infections to rise

                The announcement that effective vaccine has been developed by Pfizer and Moderna and another one by Oxford-Astra Zeneca
                has received rapturous welcome by global markets. But for the vaccine to reach many third world countries will need a lot of time.
                Experts also cautioned that even with a vaccine, it will take a lot of time for the global economy to get back to pre-crisis levels.

                The UAE formed a new committee tasked with leading the country’s economic recovery post-pandemic. The National Covid-19
                Recovery Management and Governance Committee is required to work out support programmes for business and industries to
                aid in the country’s fast financial recovery. It is appropriate to refer here that the UAE has been ranked No. 1 Arab country in the
                post-Covid 19 economic recovery index published by the Horizon Research Group. We should also here mention the relevance
                of the economic recovery efforts to the recent decree issued by President H.H. Sheikh Khalifa Bin Zayed Al Nahyan allowing
                100% ownership of businesses by foreigners. From now on, expatriates do not need to have a local partner or service agent in
                order to set up a company in the UAE. This step is expected to enhance the local investment environment and strengthen the
                economy’s competitiveness.

                In this December issue of Al Tijarah, we will read about the second stimulus package recently approved by H.H. Sheikh Dr. Sultan
                Bin Mohamed Al Qasimi member of The Supreme Council & Ruler of Sharjah. The package includes vast range of incentives
                aimed at mitigating the economic impact of COVID-19 pandemic. The AED 512 million package will support government, private
                entities, business sectors and individuals as well as boost economic continuity and recovery.

                In this issue we will also read about a contract signed by Sharjah-based Bee’ah with the Egyptian New Administrative Capital
                Company. According to the contract Bee’ah will undertake waste management in the vast area of this new city which is expected
                to accommodate 6.5 million people when completed and has been designed as a smart and sustainable city in the future.

                Read the above and many other stories in this December issue of Al-Tijarah.
                Happy Reading!

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