Looking into Dubai’s near Future
COVID-19 has undoubtedly made long-term planning extremely difficult. Considering that no one truly knows the timetable for a full economic recovery, businesses have been implementing a variety of measures to ensure that their operations are sustainable in the short term.
That being said, it’s important that we all look into the near future and examine any trends that might present themselves. Doing so will facilitate short-term planning and ensure that your business in Dubai is operating as efficiently as possible, given the circumstances.
So, with that in mind, here are three things to look out for that will go a long way towards dictating business success in Dubai’s not-too-distant future.
DUBAI'S POTENTIAL FOR RENEWED LOCKDOWNS
With the world gripped in the full throes of the dreaded second wave of COVID, businesses are once again concerned about feeling the pinch. While more lockdowns have already begun to limit the scope of business activity in many countries, Dubai has, thankfully, avoided the worst of it, at least for now.
However, the considerations of renewed lockdown restrictions are limiting excessive spending and have kept business conditions more or less stagnant over the past month. It’s going to be important to stay lean and agile in the weeks and months to come in order to ensure that sudden lockdowns don’t put additional financial strain on your business.
IMPACTS OF A NEW VACCINE
While much of the focus so far has been on mitigating the spread of the virus, there is a potential vaccine on the way. After approving the drug back in August, Russia is now actively pursuing international trials of its Sputnik V vaccine, and the UAE is slated to lend a helping hand.
The country is now only the second, after Belarus, to accept volunteers for clinical phase 3 trials of the vaccine. While early results published in Britain’s The Lancet were promising, large-scale trials are needed to prove the efficacy and safety of the vaccine. While these results will only be published towards the end of November, there is some restrained excitement about its potential. After all, should Sputnik V prove effective, focus can eventually shift from mitigation of the virus to mass vaccination and the full reopening of the local economy, something that business owners are undoubtedly looking forward to.
Taking advantage of this potential solution involves informing your employees about vaccine efficacy and security, and fostering a culture of safety and trust. That way, if Sputnik V—or indeed any vaccine—proves effective, your employees will be ready to get immunised and help your business return to the status quo.
COMPANIES GOING "REMOTE FIRST"
While many employers were not enthusiastic about their organisation shifting to a work-from-home environment, it’s looking likely that this approach is here to stay for the foreseeable future. In fact, many companies are adopting a new, remote-first approach.
The impacts of this will be dramatic. With work-from-home flexibility becoming an incredible asset for employers, enforcing an in-office presence can limit your appeal to a prospective new hire. Additionally, building your organisation from the ground-up with remote work in mind can greatly improve your resilience to future impacts, ensuring that you’re equipped for whatever the future has in store.
While looking too far into the distance might be a fool’s errand given current global conditions, it’s important to look at Dubai’s current and evolving circumstances in order to better prepare your business for short-term impacts.
Today, we looked at three of the biggest factors that will dictate business success in the months—and maybe even years—to come. Align your operations with what these trends are poised to bring, and you’ll be able to overcome anything.
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