World is moving to Dubai, Egyptian billionaire Naguib Sawiris says

Dubai - Investors, analysts bet on strong recovery in the emirate’s economy post Covid-19

An Egyptian billionaire is all praise for Dubai and the world is flocking to the emirate after its successful handling of Covid-19 pandemic that led to the opening up of the economy and return of tourists.

“The World is moving to Dubai ... cheers to Dubai,” tweeted Naguib Sawiris, chairman and CEO of Orascom Investment Holding.

The 66-year-old Sawiris, who owns assets worth $3 billion, is the highest-ranked foreign investor who acknowledged that Dubai is rising fast in the post Covid-19 period.

Even some analysts have also recognized the emirate’s success story and betting on strong recovery in its strategic sectors retail, hospitality and tourism with the arrival of Covid-19 vaccine.

It is estimated that the emirate’s economy will expand four per cent next year on the back of effective policy measures taken by the emirate’s government that will drive increased investment inflows and job creation in the coming years.

London-based research consultancy has stated that Dubai stands out in the Middle East for adopting protective measures to contain the pandemic and is one of the major beneficiaries of the vaccine.