By Srinivasan Nandagopal
As unexpected turbulence rocked the world in the form of a pandemic, each and every one were taken on the wrong foot unable to understand where we were heading towards. It was only that the 2020 had just arrived, the COVID 19 virus took the world by storm devastating all sectors of the economy and leaving the Governments high and dry. With uncertainty the whole of the year passed off derailing the lives of billions with millions losing their dear ones to the deadly virus.
With certain amount of caution, we welcomed the 2021 with sceptical aspiration but that was not to be. Almost half of the year was engulfed by the second wave, thanks to the new variant of the Virus by name Delta engulfed the human race as though this would never end. Slowly, hope sprang as situation seemingly became better with the large scale vaccinations and adherence to Covid appropriate behaviour. Though the third wave driven by Omicron has sounded an alert in some parts of the world, preventive measures are on top priority to avoid the horrifying memories of the past.
As we enter into 2022, Hope seems to be the buzz word and confidence is gleaming in the air. The Law Reporters knocked the doors of a few eminent expats and the local businessmen and professionals to know the pulse of the United Arab Emirates as we welcome the new year with hopes and aspirations, praying for an overall recovery with flourishing lifestyles as in the past.
Eminent Corporate and Commercial lawyer based in Dubai, Sunil Ambalavelil is optimistic though cautious when speaking about the year ahead. Being in the legal profession, Sunil is witness to all the tumbling in the corporate world.
Excerpts of the Interview with The Law Reporters.
TLR : Looking back for almost two years, how do you assess the present scenario?
S R Ambalavelil: The advent of the global pandemic has put everyone in a vulnerable position both in terms of health and wealth. Many families have lost their dear ones and various industries shut down due to the pandemic. This has taken a massive toll on the economy. But thanks to the efficient policies taken by the Government as UAE diligently took steps to vaccinate its entire populace, the past six months have been looking bright. Businesses have begun to prosper once again. The present scenario is definitely looking better when compared to past two years and things are getting back to normal, though we still have a long way to go.
TLR : With a string of people friendly measures and Legal provisions accorded by the rulers of UAE, how do you see the growth prospects in the economy as we enter into the new year.
SRA : Over forty new laws and amendments have been recently passed by the Government and it is the largest ever legal reform in the country’s history. The new reforms are in line with latest global developments and in order to ensure that UAE emerges as key global player in various sectors. The reforms also help the UAE remain an attractive destination for multicultural and diverse talents from across the world. Also with latest decision of 4 and half day work week from the upcoming year (being the first country to do so) will ensure more productivity and happiness which in turn will improve the economy. As these reforms come into place, sky is the limit in terms of growth for the country as well as the bright and young UAE population.
TLR : With the global focus on UAE which is at its Golden Year, what is in-store in 2022?
SRA : No wonder the global focus is on UAE. The Government has made well organized measures for rejuvenating the growth of the economy which was interrupted due to the pandemic and the overall positive effects have been starting to show up in the past two months. The latest reforms have made it easier for new businesses to get established in the UAE. Altogether the developing economy, rise of various opportunities and ease of doing business will make UAE one of the key destinations in the world for upcoming businesses in 2022.
TLR : Your message to the general populous.
SRA : What UAE has achieved has been a major revelation for many other countries. Important and effective policy making has helped immensely to tackle the issues. Also the general population has been working hand in hand to ensure that we can successfully come out of this pandemic and get things back to normal. Though we have made progress when compared to past two years the effects of the pandemic are still lingering around. Therefore, we must take decisions with prudence.
