Dubai: A Ray of Hope at the Time of Pandemic
The ongoing Coronavirus pandemic has caused a havoc across the continents. Disrupted supply chains, slump in demand with respect to certain sectors, such as food and packaging and construction and building, are some of the examples of how hard a time the world is going through. Many countries, whether developed or developing, are trying their level best to overcome the challenges caused by the pandemic. In order to allay the anxious consumers, countries are taking necessary actions so that this turmoil is contained. Some of the countries are even advocating localisation as an antidote.
Cutting-Down Problems Through Technological Advancements
During this time of crisis, there has been a panic caused at a worldwide level. Some countries are trying to placate the consumers in order to win their trust so that the demand is revived. Some of the nations are trying to focus on the economy, seeking refuge in various sectors, which may not be immensely affected amidst the crisis. Then, there are countries that are converting challenges into fresh opportunities. The best example is Dubai’s investment in futuristic technologies.
According to Sanjeev Dutta, who is the Executive Director of commodities and financial services at the Dubai Multi Commodities Centre (DMCC), the virus is and always will be there. Therefore, new ways must be pondered so that businesses are sustained. Approaching digital platforms is one of the perfect examples of the new ways of tackling the pandemic situation.
The UAE has always been a technological centric nation and has been working over its infrastructure projects swiftly. The country’s significant investments in multimodal facilities and a good foresight successfully curbed the adverse effects of the COVID-19 pandemic. Which means, the UAE, unlike many countries, did not face large-scale shortages of essential goods due to the supply chain disruptions caused by COVID. Dubai has proved that investing in new technologies add huge value, reduce operational cost, reduce wastage, and help the consumers reach a quality product. Dubai is soon to be the world’s leading logistics hub.
Dubai’s e-commerce trade zone works efficiently and ensures the ease of doing business. Because of the swift foresight and technological advancements, Dubai has managed to connect the demand-supply wherever an opportunity arrived. Dubai’s strong fundamentals and great approach towards businesses have been applauded by various business analysts.
At the time of the pandemic, when most of the major economies are anxious, the UAE has managed to stay bullish in terms of economy. Over 800 companies announced new projects pertaining to the infrastructure, logistics, food, and packaging sectors. The country is likely to expand its existing projects.
The packaging and logistics sector is so efficient in Dubai that it ships tea boxes from an African country, packs it, and sends it back faster than they could do it there. Dubai deals with over 50 million kilograms of tea, which is roughly 60% of the total market shares. The packaging and logistics of Dubai are the most reliable and fastest in the world. Infusing newer technologies in the field of food security and logistics has worked wonders for UAE at the time of crisis.
As Dubai is technology-centric, and the bulk focus of the country goes towards innovation, there are a few examples of recent innovations that came to the limelight. One of the innovations is Agriota, an e-platform, which constructs harmony between farmer and consumer and creates awareness about the prices of commodities.
This project was launched by DMCC in August 2020. It was one of the ten main projects shortlisted by the Indian Prime Minister Narendra Modi’s visit to the UAE. Another example is Boxbay, a disruptive technology that enables significant gains in handling speed, energy efficiency, and a significant reduction in operation costs.
The swift advancements and rigorous actions taken by the authorities towards countering supply chain disruptions in Dubai and controlling problems at the time of pandemic are likely to prompt various large organisations and countries towards achieving the much needed stability goals in terms of economy.