- UAE-Pakistan reaffirm their strong commitment to further reinforce the bonds of friendship
In 2023 the global economy is expected to grow by 3.0 per cent, before slowing down to 2.7 per cent in 2024. A disproportionate share of global growth in 2023-24 is expected to continue to come from Asia, despite the weaker-than-expected recovery in China. As we know the United Arab Emirates (UAE) is a high-income developing market economy. Dubai in UAE, has gained worldwide recognition for its thriving business environment and remarkable economic growth. At the heart of Dubai’s success lies its unique work culture, shaped through a fusion of traditions, diversity, and an unwavering pursuit of excellence.
Understanding the nuances of Dubai’s work culture is crucial for professionals seeking to navigate its dynamic professional landscape efficiently. Dubai with its historical transformation from a trading port to a global business hub, has attracted businesses and talent from the globe.
Presently, statistics showed that Dubai recorded 92 businesses relocating to the emirate in the first nine months of 2023 a boost to its worldwide business viewpoint. A total of 15 multinational companies and 77 Small and Medium Enterprises (SMEs) were now present in the emirate, the Dubai Chamber of Commerce revealed through statistics. Furthermore, it aided the expansion of 33 Dubai-based companies into worldwide markets by growing their exports or assisting them organise a presence abroad. The experts are committed to improving investment and trade as a critical component of its objectives. The goal is to strengthen economic growth, doubling the size of the UAE’s economy by 2033. Through the growing network of representative offices, the body also underscored that it targets 30 international markets of strategic significance. Earlier in 2023, the body also introduced the new horizons initiative to support in the global markets the expansion of Dubai-based companies. To explore potential investment opportunities and economic partnerships, the initiative enables companies to join international roadshows. In the global expansion series, a project launched by the chamber in 2023, also aims to support the international growth of local companies and their expansion into global markets. By the end of the third quarter of 2023, the chamber hosted two events as part of this initiative, with the participation of more than 100 companies.
Sources recorded that Pakistan-UAE relations refer to bilateral relations between the Islamic Republic of Pakistan and the United Arab Emirates. UAE recognises Pakistan’s contribution to the evolution of major institutions in the Emirates while Pakistan recognises UAE’s investment in Pakistan’s economy and infrastructure. Both countries reaffirm their strong commitment to further reinforce the bonds of friendship; they urge the need to enlarge the horizon of their bilateral cooperation in diverse fields reflecting deep-rooted and historic ties. Sources also recorded that Pakistanis rank third on the list of nationalities who set up the most number of companies in Dubai, UAE this year.
In the first half of 2023, Dubai saw a rise in the number of new firms recorded through foreign investors, with Pakistan coming in third with 3,395 new businesses. The overall number of Pakistani enterprises now stands at 40,315 – showing a growth of 59 per cent as against the first half of 2022. The adoption as per the business experts, of advanced technology and digital transformation has been a hallmark of Dubai’s work culture. From finance to healthcare, construction to transportation, Dubai has embraced cutting-edge technologies to drive innovation and productivity. Automation, data analytics and artificial intelligence have become integral components in optimising processes, improving decision-making, and enhancing overall operational efficiency. No doubt, Dubai’s work culture is a dynamic tapestry that reflects the city’s rapid growth, cultural diversity, and commitment to excellence. Major characteristics like a strong work ethic, and the significance of networking define the professional landscape in Dubai.
Technology plays a crucial role, in driving efficiency and enabling remote work and collaboration. Diversity and inclusion are central to Dubai’s work culture, fostering innovation and collaboration. Managing for a harmonious workplace, cultural differences and promoting an inclusive environment are essential. Looking ahead, Dubai’s work culture will continue to evolve with technological advancements, flexible work arrangements, and a focus on sustainability and social responsibility. Professionals should embrace its unique blend of tradition and innovation, to succeed in Dubai’s work culture. They should adapt to changing dynamics, possess the necessary skills, and cultivate a mindset of continuous learning. Through leveraging the opportunities presented by Dubai’s work culture, individuals can forge a rewarding career in this vibrant city.
On the other hand, statistics also showed that the growth of the Real Gross Domestic Product (GDP) in UAE was forecast to continuously increase between 2023 and 2028 by in total of 1.1 percentage points. According to this forecast in 2028, the growth will have increased for the fifth consecutive year to 4.47 per cent. This indicator shows the annual change in GDP at constant prices, expressed in national currency units. UAE has all the right ingredients for an unforgettable holiday, sun, sand, sea, sports, unbeatable shopping, top-class hotels and restaurants, an intriguing traditional culture, and a safe and welcoming environment. UAE has a vibrant free economy, and a significant proportion of its revenues arise from exports of oil and gas.
Successful attempts have been made to diversify away from dependence on hydrocarbons and a solid industrial base has been created, together with a very strong services sector. The establishment of free zones has been a significant feature of this diversification policy.