Welcoming 2022 with Hope
By Srinivasan Nandagopal
Economy, Health, Human Resource, Tourism and Leisure, Industry and more have been casualty to extent that was not thought of due to the global pandemic caused by the unseen enemy. However, the human race has always withstood any calamity and risen to the situation, tackling all odds and winning it over. This has been the story in every nook and corner of the world since the past two years.
Today, while we introspect our actions, the knee jerk reactions, policy promulgations and Governance in different countries, the mood of general populous is rather optimistic though cautious. With hope we are welcoming the new year when the word is witnessing what we term as ‘Neo Normal’.
Everything boils down to Financial repercussions and quality of life due to any adverse sequence of events, The Law Reporters caught up with a Chartered Accountant and Financial Consultant to gain insights into the economy and what is in store for the year ahead. Managing Partner, Quick Accounting and Advisory LLC, Abu Dhabi and Digital Media Entrepreneur being Mentor cum Advisor to Spearhead Media, Valerian Dalmaida who has been in the field for the past four decades, was impeccably articulate on the prevailing situation and the road ahead.
Excerpts from the virtual interview of Valerian Dalmaida with The Law Reporters.
The Law Reporters : Looking back for almost two years, how do you assess the present scenario?
Valerian Dalmaida : UAE Government has several visions for future. Immediately to say, there will be little set back due to the spread of Omicron and its variants like Delmicron and several mutations that might come up. If you go back to history, every 100 years a pandemic has hit the globe and people have come out of it. Therefore, this pandemic too will pass, its merely a question of time.
However, UAE Government, I am sure will go ahead with the vision that it has for each of the emirates year on year. In the past two years, major industries and business suffered, certain industries made a huge growth such as health, media, entertainment, on line and digital in several fields including education. The present scenario will continue to support the growth of these industries whereas the set back to Hospitality, Aviation, travel and tourism sector, education and others will open up. The households in Europe, US and other parts of Asia are having a huge cash decked to be spent on overseas travel, tourism when even a small window of 2-3 months opens up amidst covid. The internal travel within UAE will continue like in the past two years for hospitality and other sectors. This will be true for many countries including India.
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.
VD : As I said earlier, UAE Government is the first in GCC in many ways - The invitation to Pope Francis on 3-5 February 2019 and interfaith dialogue, taking lead in declaring 4th February as World Fraternity Day by United Nations, Opening up its land for worshippers of all faiths are some of the wonderful decisions to show to the world how we can live with brotherhood. The bringing up new user-friendly labor laws taking into consideration the vast expat population and their contribution for the development of UAE, the first GCC country to open up relations with Israel, abandoning certain permits and licenses, several economic measures to open up businesses like start-ups, reduction of license fees, non-requirement of office for start-ups for the initial two years-but to carry out business from home, Golden visa for professionals and health workers, art-craftsmen, investors and businessman to own houses, easing for listing several Government, private, corporate sector in Abu Dhabi and Dubai stock markets - thereby retaining the expats funds in UAE and giving them opportunity to earn better returns are some of the noteworthy measures which I can think of among Government spending on solar energy, travel and tourism sector and many more.
TLR : With the global focus on UAE which is at its Golden Year, what is in-store in 2022?
VD : The new year begins with a wonderful change from the beginning of 2022 itself where the Government has brought in Monday to Friday as working week to sync with World markets and take benefit of the huge loss arising out 3 days loss on trade and exchanges. This in itself is a boost to the economy of UAE since Friday is open for business with US markets since Dirham is pegged to US Dollar. Moreover, Europe, Asia also will contribute in this change and also UAE leads from the front for other GCC countries in this respect. The vision and plans by Government for 2022 will continue to be implemented in all sectors in 2022.
The stock exchanges in Abu Dhabi and Dubai will buzz with lot of activity and profit booking by several small and medium investors entering the stock market from expat community. UAE will be a place for destination celebrations for the rest of the world in 2022 since the country is safe, secured, user friendly and open. The investments in property, businesses will increase from world over in UAE due to its golden visa policy for investors, friendly tax regime, peaceful life style, non-interference in private life, excellent living conditions, labor pro policies, super infrastructure already and more to come, women-respect, friendly police, no gender bias and discrimination, opening up several properties with high-profile living facilities and many more.
TLR : Your message to the general populous
VD : UAE is the best place to live with peace, joy and prosperity. Follow the rules, regulations and laws of the land and you will be comfortable 24x7 for 365 days of the year. Hold on to your jobs right now and change when you have a good opportunity considering the pay scale and company credentials. Keep cash and invest with all wisdom here because UAE is the future for global community.
