In cooperation with the Securities and Commodities Authority, the College of Business Administration organizes a webinar on the impact of the Covid-19 pandemic on business and economic expectations in the GCC countries.
Wednesday, Mar 10, 2021
In cooperation with the Securities and Commodities Authority, the College of Business Administration organizes a webinar on the impact of the Covid-19 pandemic on business and economic expectations in the GCC countries.
The College of Business Administration at the University of Science and Technology of Fujairah, in cooperation with the UAE Securities and Commodities Authority, organized a webinar entitled "The Impact of the Covid-19 Pandemic on Business and Economic expectations in the GCC countries ". Dr Ahmed Zain Elabdin, Dean of the College of Business Administration, spoke at its beginning. Explaining the importance of such webinars, which the college continued to hold continuously to enrich academic and professional controversies and based on the university's vision of interacting with the business community and adopting constructive ideas.
This webinar session comes as an integral part of enhancing theoretical knowledge, which solidifies information in students' minds and provides them with the necessary skills at the core of the educational process, which leads to better learning.
Ms Soha Ragab, a financial markets expert at the Securities and Commodities Authority, gave the keynote lecture on the impact of the Covid-19 pandemic on business and economic expectations in the global economy and the focus on the economies of the GCC countries and the UAE.
The Webinar discussed the pandemic's impact on the various economic sectors and the winners and losers. Ms Soha emphasized that international institutions have begun to adjust their expectations by decreasing in different rates for economic growth and various economic sectors' performance globally.
As the pandemic caused severe fluctuation in stock indices in the leading stock exchanges and many travel sectors, tourism, consumer product prices, and a drop in oil prices by about 9 per cent, moving prices to a range of 40-50 dollars per barrel.
On the other hand, technology, Online platforms, and e-commerce companies emerged from the crisis with massive gains and revenues. They benefited from the increase in the use of technology in individuals' daily lives and the reliance on a large segment of consumers on e-commerce platforms, which contributed to enhancing these companies' profits and profits.
The webinar dealt with the significant shifts in the business sector and the economy, which prompted decision-makers to rethink the used economic and trade theories. Considering the defects of the supply chain dependent on abroad, companies consider looking for local alternatives. As globalization accelerates to decline, the old developmental economic theories that encourage developing economies to shift themselves away from exports and domestic markets are likely to return.
The webinar discussed the tremendous positive impact of government intervention in GCC Countries in the economic process to face periods of recession and the potential for a downturn due to the pandemic. Their financial and monetary powers used many decisions taken that effectively contributed to their countries' economic stimulation.
Finally, at the end of the webinar, discussed how the business and economy's future would look like after the pandemic and its impact on work performance methods, as "Work Remotely" may be the "new normal" for many employees and managers. Also, significant companies are thinking seriously about permanently moving to "Work Remotely" and reducing office space. Likely, companies will now review - and lower - the multi-step and multi-country supply chains that dominate today's production and advances in robotics, automation, and 3D printing.
CBA faculty members attended the webinar, and students and showed significant interaction during it.