Dubai economy has a bright future; Investor confidence holds the key in present challenging environment, Shailesh Dash told Dubai News TV.

Dubai economy has a bright future; Investor confidence holds the key in present challenging environment, Shailesh Dash told Dubai News TV.

Shailesh Dash

Entrepreneur and Financier

Dubai has a resilient and diversified economy that will thrive in post Covid-19 era due to its vibrant and visionary leadership who announced stimulus plans worth billions of dirhams and timely remedy measures to bailout businesses in the emirate, an industry veteran has said.
Shailesh Dash, an entrepreneur, financier and founder of various successive businesses, said Dubai once gain takes the lead by100 per cent re-opening of malls and offices in public and private sectors after successful tackling of coronavirus outbreak, although the world is struggling to overcome the challenge.
The visionary and futurist executive said only resilient businesses can sail through this rough ride by quickly adapting to new ground realities in the wake of travel restrictions, remote working, economic slowdown and uncertain economic outlook.

shailesh dash
Shailesh Daesh – entrepreneur and financier

“Covid-19 crisis has certainly hit world economy and created many unanticipated challenges for businesses. But, at the same time it offers an opportunity to come out of the crisis with a committed workforce and dynamic leadership to drive business activity at full speed in post-crisis period,” he said.

“This emergence is due to the vision of its leaders which had led to UAE to be among the top 5 countries in the world to live and do business. It was exactly because of these reasons that me and family decided to move to UAE and start our businesses here,” the award-winning visionary entrepreneur said.

Investor confidence holds the key

Dash, who launched a successful business in the period immediately after the global financial crisis of 2008, said the government should not compromise over business-friendly environment which it developed over a period of time.
“Dubai economy is resilient and it is well-balanced in terms of diverse growth points. However, it is important for the government to  retain investor confidence in the wake of economic uncertainties globally due to coronavirus outbreak.
Dash, who presides over a diversified group that includes healthcare, education and logistics, said he has full belief in the government’s consistent policies, excellent business environment and level playing fields offered to the businesses.

100% recovery by year-end

Dash said the governments across the GCC region, have introduced effective measures to contain the spread of coronavirus and minimize losses on economic front, however, he said the GCC should also look at measures undertaken by countries such as the UK, Europe, Singapore and Australia, aimed at minimising job losses and providing support to private sector companies.
“The GCC governments’ action in the next few weeks or months will probably drive the pace of recovery across the region. In an optimistic scenario, a recovery by the end of the year remains a possibility; however, the damage done during that period would leave a long-lasting impact on the region,” he said.
“It might be time for authorities to push beyond the traditional boundaries and unveil unconventional measures to restore private sector confidence, and provide the region with an opportunity to combat the crisis. Hence, the onus lies on the government to act prudently and timely to avert a deeper recession or even the possibility of depression,” he said.

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To a question, he said global equities are expected to trade in positive trajectory in coming week on the back of optimism over gradual reopening of several economies across the world.

Remote working

Dash said remote working is going to become a new normal in post-Covid-19 era as state-of-the-art ICT infrastructure has made this impossible task a reality today.
“Work culture in private sector is going to change for sure and it will impact so many key sectors such as commercial and office market. Talented and skilled professionals will be major beneficiary and they will earn foreign exchange in their home countries,” he said.
Dash was of the opinion that remote working in the post-Covid period will become more important and more companies are likely to adapt the trend.
“I think like the industrial revolution, in real sense the Internet and supply chain revolution starts now,” he said.

Tips to future CEOs

Dash shared some important tips to future corporate leaders so that they can survive in challenging environment.

  • focus on your Unique Selling Proposition be it services, products, product delivery, skill set, etc
  • use the existing and upcoming technologies to benefit from the changing economic structure be IOT, 5G, etc.
  • Retrain your staff to be successful in the current environment.
  • understand the changed laws and regulations and anticipate the upcoming changes and make your organization ready to face those.
  • manage your cost in the most efficient manner.

“Its not easy to survive in post-Covid era. People on top will have to be tough and competent so they not only take timely decisions but also lead the company or group from the front,” Dash concluded.

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