Business recovery strategies for adversely affected industries in the UAE-covid-19 crisis response

Covid-19 pandemic struck the world during December 2019, and it has now been over a year that the countries are still struggling to cope up with it. United Arab Emirates (UAE), largely being an oil-driven economy witnessed a contraction in its GDP in 2020. While the UAE is still to assess the total economic and social costs of the pandemic, many businesses seem to have got highly affected and some of them might be on the verge of getting wiped off from the market. Consequently, unemployment might upsurge resulting in increasing number of people falling into the poverty trap. Thus, it is essential for the government and businesses in the UAE to explore possible alternatives to revive the economy. Even though vaccination has started, it is only in the initial stage and another wave of Covid-19 could be anytime possibility. As such, this study attempts to understand the impact of Covid-19 on the UAE’s economic environment along with major sectors that have gained or got distressed in the pandemic. Also, it reviews the existing literature on post-disaster business recovery strategies and identifies the comprehensive framework that could aid the UAE in reviving its economy and businesses. The framework highlighted in this study focuses on the collective action of both government and businesses to fight against the pandemic. It guides the economic recovery via building trust among the people, creating an entrepreneurial and startup ecosystem, learning from small business recovery plans and infusing financial stimulus to create a much needed sustainable and resilient business environment.