Dubai has commenced with all its glory, and visitors have started to pour in from every part of the world. This has resulted in a higher demand for ready properties in the emirate.

Reports from several property portals in Dubai show that ready properties in several communities were reportedly fully or partially booked even before the event started on October 1.

Georges El Hachem, commercial director of Select Group said the Expo is going to offer visitors a fantastic opportunity to sample the innovative and forward thinking nature of Dubai.

"The city is already a must visit tourist destination, and is emerging as one of the most important business hubs in the region. Whether it’s tourists looking for short term holiday rentals or professionals looking to relocate to take advantage of Dubai’s arrival as a truly global destination, the ready to move market is drawing huge interest from investors and home owners alike,” he said.

While the focus of tourists and expo visitors is on rental properties in the proximity of the Expo-2020 site, investors and end-users are preferring properties for sale in Dubai. Emirati residents with long-term, renewable visas are also capitalising on this opportunity.

The comparatively low property prices in Dubai is providing them with a lucrative option to earn high ROI, as the market is on the route to recovery, and the pace of recovery is further accelerated by Expo 2020.

“The market was already showing signs of recovery prior to Expo-2020. However, it picked up pace as the exhibition was nearing, with August 2021 showing double-digit growth in the villa market,” Ata Shobeiry, CEO at Zoom Property, said

Speaking about the long-term impact of Expo on the Dubai property market, a representative from Elysian Real Estate said Expo 2020 is going to certainly bring a lot of focus on Dubai.

"We will start seeing the demand created by the expo coming in the next two years after people have visited the city and fallen in love with it they will then look to relocate here as the opportunities and way of life is hard to ignore!”

Top reason for high demand

While Expo 2020 is said to be the biggest catalyst for the rising demand for ready properties in the market, many other factors have also influenced the shift in the demand curve.

For starters, the timely implementation of successful strategies by the emirate to handle the global pandemic played a major role in bringing foreign investors back. It also allowed new investors to enter the market and assisted in creating a stable property outlook.

The latest visa reforms by authorities, including the introduction of renewable, 10-year golden visas, also led to increased activity in the property sector. Other than that, expatriate-friendly policies, such as 100 per cent company ownership, are said to have impacted the demand for properties in Dubai.

Lastly, lower property prices as compared to other international cities, such as the major US, Chinese and UK cities, is a major attraction for foreign investors.

Arjumand Niazi, director of Turn Over Properties, said the main reason of high demand of ready properties during the last two quarters is due to the confidence of investors and end-users in the UAE as a long-term base for residence and business after amendments in personal and business laws to accommodate wider demographic lifestyle preferences.

He also believes that planning to manage Covid-19 and increased requirements for bigger spaces due to the work from home culture also led to the rising demand for ready properties.

  Source- gulfbusiness.com

Since the announcement of Expo 2020, there has been an increase of residential and commercial development at the site. New shopping centres, hotels and over 400 restaurants as well as luxury housing and cycling paths, will be completed prior to the highly anticipated event.

According to a recent Ernst & Young report, titled ‘The economic impact of Expo 2020 Dubai’, the event is estimated to bring in Dhs122bn to the overall UAE economy. While that will largely be made up of the tourism, hospitality and F&B industries, there has been a noticeable uptick in demand for rented apartments as a projected increase of visitors are expected to gather in Dubai. It is the perfect opportunity for landowners and investors who are on the lookout for a strong market for their properties.

Despite the recent challenges posed by the Covid-19 pandemic the ‘UAE & MENA Real Estate Report’, which was produced by Informa Markets in 2021 found that 74 per cent of respondents are anticipating a recovery for the MENA region’s real estate industry within one to two years since 2020. A key proponent of this growth is regional mega-events such as Expo 2020.

Developers need to understand the changing demands of potential investors and organisations especially with Expo 2020 ready to open its doors to potentially hundreds of new businesses. Offering value for money for either larger units or high-end facilities, which will be key to attracting buyers. Commercial real estate developers will need to offer flexible areas for investors to create the perfect space for their business as opposed to pre-structured floorspace.

We are already seeing the implementation of these changes firsthand. Developers are focusing on adding high-end facilities such as gyms to established living spaces. Environmentally friendly buildings are also in the making. In addition, developers have been eager to start constructing new apartments and villas. The interest rates have been lower than usual, just like the property prices and mortgage rates, making them extremely attractive to those looking to buy in the market.

With a surge of new visitors to the emirate for Expo 2020, we expect that there will be a surge of prospective investors in Dubai’s real estate sector. The likelihood of investing in Dubai has become increasingly more attractive due to several proactive government incentives such as the introduction of new visas; special investor and retirement visas, golden long-term visas, and the reduction of the loan-to-value (LTV) for first time homebuyers to 20 per cent initiated by the UAE Central Bank. These initiatives will provide a significant boost to the industry and, in turn, the economy.

Businesses have already begun to review the way they structure and operate in commercial and private spaces. As these changes continue to impact businesses, we will see developers review their traditional approach to design and react accordingly.

In terms of future trends, Expo 2020 has opened a new focus for investors in areas such as Business Bay, Jumeirah Village Circle, Sports City, Barsha South and areas close to the Expo site. While the property occupancy is still low, the expansion of Maktoum airport has anticipated a dramatic increase in tourism to these areas. With upgraded infrastructure including new metro links, additional commercial and residential spaces – the area is rapidly growing. There has been an influx of tourists who have been working from home, from Dubai and this is expected to steadily increase.

Furthermore, with the addition of the Dubai 2040 Urban Master Plan, which will see large-scale changes to the city’s developed areas, Expo 2020’s legacy will continue to have an impact of the emirate’s real estate sector.

The initiative has outlined and divided the city into key areas for continued urban development, focusing on efficiency, sustainability and mobility. With a clearly outlined road map on the future development of these areas, it really is an exciting time for Dubai’s real estate.

  Source- gulfbusiness.com

  Source- gulfnews.com

Dubai recorded 1,592 real estate transactions worth Dh6 billion during the week ending September 30, according to the Dubai Land Department.

Seventy-three plots in Dubai were sold for Dh350.29 million and 1,080 apartments and villas were transacted for Dh2.74bn this week, the DLD weekly report said.

The surge in sale comes as the UAE’s residential property market continues to recover from the impact of the Covid-19 pandemic.

The country’s success in handling the Covid-19 pandemic and its proactive policy measures to jump-start the economy have boosted demand for property, pushing capital values for homes higher.

The UAE’s rapid response to the Covid-19 pandemic has attracted the world’s wealthy investors, who continue to flock to Dubai, snapping up the most expensive homes in locations such as the Palm Jumeirah and Jumeirah Bay, according to global property consultancy Knight Frank. This has played a big part in driving up villa values, the consultancy said in a report.

The top property transactions this week were a land plot in Al Thanayah Fourth that sold for Dh59.5m and a land parcel in Al Qusais First that sold for Dh32.86m, the DLD said.

Al Yufrah 3 recorded the most transactions for this week with 17 sales deals worth Dh15.66m.

This was followed by Nad Al Shiba Third that recorded 10 sales transactions worth Dh28.02m and Al Hebiah Third with nine sales transactions worth Dh18m in third place, the DLD said.

The top three transactions involving apartments and villas in Dubai were an apartment that sold for Dh373m in Marsa Dubai, a villa that sold for Dh264m in Palm Jumeirah and a villa that sold for Dh257m in Wadi Al Safa 5.

The cumulative value of mortgaged properties for the week was Dh2bn, with the highest being a land in Me’Aisem First, which was mortgaged for Dh205m, according to the DLD.

Seventy-one properties worth Dh1bn were granted to first-degree relatives, the agency said.

Villa prices in Dubai have increased 16.5 per cent year-on-year, according to provisional data for the third quarter from Knight Frank. Residential values in Abu Dhabi also climbed two per cent compared to the corresponding period last year, it said.

The number of homes worth more than $10m sold in Dubai currently stands at 54, breaking the previous record of 31, set in 2015, according to Knight Frank.

The Palm Jumeirah and Emirates Hills account for almost 75 per cent of super prime home sales in the city, but new sub-markets in Dubai, such as Business Bay, have also joined the list of locations for homes worth more than $10m, Knight Frank added.

  Source- www.thenationalnews.com

  Source- www.thenationalnews.com

This summer, fresh from the West Coast of the U.S., a tech entrepreneur arrived in Dubai. In tow were his family, their family office and a fleet of 30 luxury cars. Everything a billionaire needs to start a new life in Dubai.

“It's very safe here for my children. L.A. isn't what it used to be. Crime has risen since Covid,” says the entrepreneur in his mid-50s who did not want to be named. 

Finding a house with space for 30 cars was not easy, says Rohal Kohyar, marketing director of Luxhabitat Sotheby's International Realty. Eventually a villa on its own private estate was identified. It had a basement that could be converted into a giant garage.

Nor was setting up the family office straightforward. Family offices on this scale manage hundreds of millions of dollars in private wealth, a task that requires a team of around 30 specialists.

“We've had to increase the salary for an E.A. (executive assistant) position for it to be attractive for people to come back to the U.A.E.,” says Zahra Clark, head of the MENA region for Tiger Recruitment.

During the pandemic many expats left Dubai for home. But with so many wealthy families now relocating to Dubai, recruiters are having to offer big incentives to lure investment professionals back to the Emirate.

According to the Dubai Land Department, the volume of property sales in Dubai increased by 136.5% in August compared to the same month last year. Villa sales were up 124% thanks in part to the sale of several Dh 100 million ($27 million) villas in Dubai Hills Grove area. "Normally we do one or two Dh 100 million ($27 million) deals a year. This year we've already done nine of them," says Kohyar.

Real estate booms have come before, but this time is different, says Kohyar. “Now people are buying these luxury properties to actually live in them with their families.” 

And they are in a rush, he says. Buyers are not waiting around for developments to be finished off. “They have to be ready now now." The rich are suddenly in a hurry.

There is something else happening in Dubai that is different: People are coming from further afield. Kohyar says most of his clients are coming from major European countries, like the U.K., Switzerland and Germany. Of the super-rich setting up family offices in Dubai, Clark says most are from the U.S. and U.K. Other recruiters say there is a heightened interest from Singapore and Hong Kong.

Many were impressed with the way Dubai handled the pandemic. Vaccines were rolled out quickly among Dubai's three million residents, P.C.R. tests are cheap and available, and the country only suffered a brief lockdown in March and April of 2020. "We're busier now than pre-Covid. This will continue for as long as Europe, U.K. and the U.S. can't get things right in how they're dealing with the Covid situation," says Clark.

But in reality, the pandemic hit Dubai very hard. Thousands of skilled expats started heading home as jobs dried up, the cost of living spiraled and they worried about being stranded abroad.

Dubai's rulers suddenly realized the fallibility of their economy. Expats brought with them businesses, wealth and entertainment. Without them, Dubai's own talented or entrepreneurial youth might follow them overseas.

In an effort to reverse this brain drain, the U.A.E. government started offering "golden visas" to high achievers. The 10-year residency visa was created in 2019, but since the beginning of this year it has been handed out to top students, successful entrepreneurs and award-winning actors.

In July, 45 students who scored more than 95% in their exams were granted golden visas. Raghad Muaiyad Asseid Danawi, a 17-year-old Jordanian student studying at Dubai's Qatr Al Nada School was among them. "This is a great opportunity for me, my parents and siblings," she told Khaleej Times.

That same month, the U.A.E. made 100,000 golden visas available to computer coders. Having lost out to Europe, Israel and Silicon Valley, Dubai now wants to establish itself as a tech hub and has a target to establish 1,000 major digital companies over the next five years.

Alongside students and computer coders, the U.A.E. has also been handing out golden visas to actors. Yasmin Abdelaziz, a popular Egyptian actress was given a golden visa in July, joining a trio of Lebanese pop-stars-Najwa Karam, Marwan Khoury and Ragheb Alama-who have already been given the visa.

All of this makes Dubai more attractive for the wealthy. For Dh 10 million ($2.7 million) they too can have a golden visa. And, thanks to a new law introduced in February this year, (Decree Law 19), they can bring their family offices with them.

But perhaps the most enticing thing about U.A.E. for the lack of income tax. When other parts of the world, and especially the U.S. and U.K., are mooting wealth taxes to pay for the pandemic, Dubai suddenly looks much more attractive.

And, if they start moving their businesses or family offices here, they are more likely to stick around, says Kohyar: "This surge right now is more on a personal level, it's more rounded, and we think this is going to be much more sustainable because people are moving here with their families and with their businesses so they'll definitely

  Source- wwwww.forbes.com

The minimum financial requirement to apply for a three-year visa through investment in Dubai’s booming residential property market has been reduced to Dh750,000 from Dh1 million, according to information available on the Dubai Land Department’s website.

The visa facility, available through DLD’s Taskeen Programme, allows an individual who owns a property valued at Dh750,000 or more at the time of purchase to apply for a three-year renewable residency visa with a provision for sponsoring the spouse.

Realty consultants said the lowering of the investment level would give an added impetus to the Dubai's real estate market, which is witnessing a remarkable rebound and growing global investor appeal on the cusp of the largest international event in the region, Expo 2020 Dubai, opening on October 1.

The DLD’s official sales price index shows that August 2021 was the second-highest month since December 2013 in terms of the number of sales transactions in one month, with 5,780 sales transactions worth Dh14.97 billion, becoming the best August in 12 years. In August 2021, 55 per cent of all sales transactions were for secondary/ready properties and 45 per cent were for off-plan properties.

According to a residency law expert, documents required for applying this type of visa include the passport of the investor and an electronic copy of the title deed certificate. The applicant must have a property with a minimum value of Dh750,000. In case the property is mortgage, 50 per cent of the property value or at least Dh750,000 is to be paid to the bank. A non-objection letter in Arabic along with a mortgage bank statement will be required to proceed with visa application.

The husband and wife can share one property, provided an attested marriage certificate is produced, according to the information provided by the website. In case the application is submitted by a third party on behalf of the investor, power of attorney is required. For obtaining children’s visas, a no-objection letter from the father, attested by the notary public, (in case the mother is the sponsor), is required.

Investors in a jointly owned property are eligible to apply if each individual’s share is worth at least Dh750,000, said the expert.

The investment must be in a single residential property and not in commercial properties. The visa offer is applicable to freehold residential properties only and it is not possible to apply for this visa with an off-plan property. The visa length varies between three to five years and can be maintained for as long as the investor owns property in the country.

The three-year visa facility is available to individuals who have purchased a property of Dh750,000 or more, while the five-year visa requires ownership of property worth at least Dh5 million. The amount invested in real estate must not be on loan basis and the property must be retained for at least three years.

Visa by investment in a company is applicable to individuals who chose to invest in or start a business in Dubai’s mainland or its various free zones. Currently, the Dubai Economy offers more than 2,100 types of business licences to start a business in the mainland. Recent reforms have allowed, for the first time in the country’s history, a complete foreign ownership of companies in Dubai’s mainland, by annulling the requirement for commercial companies to have a majority Emirati shareholder or agent.

Investors who meet specific criteria are eligible for a five or 10-year residency, depending on the size of their investment in the country. The investor’s spouse, children, one manager and one advisor are also eligible to apply.

The 10-year long residency visa, or golden visa, is applicable to investors of at least Dh10 million, either through a deposit in an investment fund inside the country or establishing a company in the UAE with a capital of at least Dh10 million, or partnering in an existing or a new company with a share value of not less than Dh10 million, or having a total investment of Dh10 million in all areas mentioned.

“The long-term visa is only issued to those who meet an additional set of standards set by the General Directorate of Residency and Foreign Affairs-Dubai. For example, this system grants long-term residencies for selected individuals with specialized talents such as scientists and innovators in medical, scientific, research and technical fields,” said the residency expert.

 Dubai expected to record 3.1% economic growth in 2021 and 3.4% in 2022

Effective management of pandemic, adaptability to change and economic support packages pave way for accelerated growth

Hamdan bin Mohammed: The bright outlook for Dubai’s growth has been made possible by the leadership of Mohammed bin Rashid under whose guidance the government undertook decisive measures to ease the repercussions of global challenges on the emirate’s economy

Sami Al-Qamzi: Dubai is a shining example of an economy that has rapidly and skillfully managed to move from a COVID-19 induced closure and protection phase to recovery and growth

“The Emirate has resumed its development journey guided by a strategic vision that seeks to enhance domestic demand and exports, open new markets, and attract investors and talent”

Aref Al-Muhairi: Dubai economy grew by 1% in Q1 2021, compared to Q4 2020, indicating that the recovery phase has started

Q1 2021 witnesses significant activity in the trade sector, compared to same period in 2020

Trade, manufacturing, real estate, financial and insurance record positive growth

Dubai’s Department of Economic Development (DED) today announced its latest economic outlook according to which it expects the emirate to record a growth of 3.1% this year. Spurred by the hosting of Expo 2020, Dubai’s growth is projected to accelerate to 3.4% in 2022.

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of The Executive Council of Dubai said: “The bright outlook for growth in the emirate has been made possible by the vision and leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, under whose guidance the government undertook decisive measures to ease the repercussions of global challenges on the economy. These efforts were accompanied by new legislation and amendments to the investment and residence laws in the country. Cumulatively, these moves revitalised the economy and stimulated a strong flow of local and foreign investment, allowing the emirate to resume its journey of development, diversification and sustainable economic growth. Over the coming years, Dubai promises to be an even bigger global destination for investment and talent and a city that offers exciting new opportunities for businesses, entrepreneurs and innovators.”

Following the leadership’s directives, DED made concerted efforts to mitigate the pandemic’s impact on businesses, especially by facilitating transaction procedures and commercial licenses. The Department continues to adopt best practices and high-quality standards in its quest to make Dubai the world’s leading smart city. DED’s active engagement and open communication lines with the business community and society at large have ensured the design and implementation of the best precautionary and practical measures, and safety rules that guarantee both public safety and smooth operations.

Commenting on the latest economic outlook figures, HE Sami Al Qamzi, Director General of Dubai Economy said, “Dubai’s latest economic indicators show that the precautionary measures, comprehensive vaccination campaigns, stimulus packages, and legislative amendments that the UAE and Dubai have adopted were right on target. Dubai’s economy is now firmly on the recovery path and supported by increasing business and consumer confidence. This includes in particular business activities that were most negatively impacted by the pandemic such as tourism and transport. Under the guidance of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and follow-up of HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince and Chairman of The Executive Council of Dubai, the Emirate has resumed its development journey guided by a comprehensive and ambitious strategic vision that seeks to enhance domestic demand and exports, open new markets, and attract investors and talent.”

Economic Outlook for 2021-2022
In the year 2020, Dubai’s actual output was below its existing production capacity similarly to elsewhere in the world. Confinement measures weighed on both supply and demand that jointly led to a significant decline in economic activity, including in Dubai, despite the significant support provided by the government to firms in all sectors.

Al-Qamzi recalled the five consecutive stimulus packages that the Government of Dubai has launched during the period from March 2020 to September 2021, which contained a number of support measures, such as the suspension and reduction of various fees, reduction of customs duties, water and electricity bills, postponing rent payment, and canceling fines. The total financial cost of the five packages amounted to AED7.1 billion, or 1.6% of Dubai's GDP. These packages came on top of economic support measures launched by the UAE Federal Government, including the ‘Targeted Economic Support Scheme’ that the Central Bank of the UAE launched in March 2020 to ease the financial burden on firms and help many of them to avoid bankruptcy.

HE Sami Al Qamzi noted that despite setbacks to the global economy from pandemic-related developments, Dubai witnessed between September 2020 and July 2021 a relatively faster recovery in sectors such as transport and tourism compared to other countries. Expo 2020 is expected to provide a strong economy-wide boost especially in the transport and tourism sectors.

Taking account of recent developments and future prospects and risks during the period ahead, DED forecasts Dubai GDP to grow by 3.1% in 2021, given the significant recovery beginning in Q2, particularly in the activities that witnessed an almost complete shutdown in April and May 2020. The forecast also takes into account the expected positive impact of Expo 2020 on economic activities. As shown in the Figure below, it is also expected that the accommodation and food services sector will grow by 8.5% in 2021, compared to 2020, and transport, storage and communications by 4.1%, reflecting the gradual recovery expected until the end of 2021 in tourism and transport activities. The wholesale and retail trade sector is also expected to regain a large part of its activity following the COVID-19-induced slowdown, achieving a growth of 4.7% in 2021, while construction activity is likely to decline in 2021 by 2% as a result of stabilization in the construction of residential, office, and hotel space, and a relative decline in construction related to infrastructure following their rapid growth recorded in the years before 2020.

Al Qamzi pointed out that growth is expected to accelerate in 2022 and reach 3.4%, driven by the continuous recovery of activities that were most affected by the pandemic, such as tourism and international transport, which will also benefit from Expo 2020 activities in the first months of 2022.
 
Economic growth of 1% in Q1 2021 from Q4 2020 signals start of recovery phase
The economic performance report issued by Dubai Statistics Center indicates that Dubai’s economy achieved a growth of 1% during Q1 2021, compared to Q4 2020, based on preliminary estimates of the seasonally-adjusted GDP data.

This growth is driven by the outstanding performance of the manufacturing sector, the improvement in tourism, transport and storage activities, in addition to the significant growth in the financial sector’s performance for the same period.

HE Aref Al Muhairi, Executive Director of Dubai Statistics Center, said: "These figures indicate that there is a positive development and rapid recovery of both Dubai’s and the UAE’s economy, compared to 2020, which witnessed major economic declines worldwide, driven by the slowdown in the sectors of tourism, transport and other economic activities. This is a natural consequence of the pandemic on the global economy."

Al Muhairi explained that Dubai’s economy contracted by -3.7% in Q1 2021 compared to Q1 2020. Nonetheless, this contraction points to a positive development in view of the performance back during 2020 when the contraction reached -10.9%, compared to 2019.

Al Muhairi indicated that despite the decline in certain activities in Q1 2021, others, especially those of high strategic significance, witnessed strong growth. This is most evident in the trade sector, which contributes close to 24% to Dubai’s GDP, whose growth reached 2.8% in Q1 2021, compared to the corresponding period in 2020. The trade sector was one of the leading sectors whose contribution to economic activity has lessened the economic impact of COVID-19.

Dubai foreign trade data issued by Dubai Customs indicate that non-oil foreign trade grew in Q1 2021 by 10%, reaching AED354.4 billion, compared to AED323 billion in Q1 2020. Exports achieved a significant growth of 25%, reaching AED50.5 billion, and the value of imports increased by 9%, to reach AED204.8 billion, while the value of re-exports increased by 5.5%, to reach AED99 billion.

The financial and insurance activities also achieved a growth rate of 3.5% in Q1 2021, compared to Q1 2020, and their contribution to the emirate’s GDP rose to reach 12.8%. It is also one of the sectors that contributed to reducing the impact of COVID-19 on economic performance. This performance resulted from the growth of total deposits and loans during Q1 2021, as loans grew by 2.6% and deposit balances grew by 3.3%, while interest rates on loans decreased by 24% and on deposits by 35%.

Moreover, activities in the manufacturing industry also witnessed a growth of 3.2%, and their contribution to the overall economic performance increased to 9.5%. Consequently, it was one of the activities that contributed to reducing the impact of the global economic decline on the emirate’s economy. The activities of the food industry, pharmaceutical products, rubber and plastic products, and base metals manufacturing contributed to the growth of the manufacturing sector positively.

Real estate activities also achieved a growth rate of 2.4% during Q1 2021, compared to Q1 2020, contributing to 8.7% of the real GDP. Consequently, it was one of the supporting activities to overcome the effects of the global economic decline and its consequences on the Emirate's economy. The real estate sector in Dubai achieved a significant growth in sales transactions in Q1 2021, compared to Q1 2020 and 2019 before the outbreak of the epidemic. This shows the high resilience of the real estate sector in Dubai and its ability to respond to economic developments and demand volumes.

The Dubai Statistics Center report indicates that during Q1 2021, the COVID-19 pandemic affected the accommodation and food services, transport and storage sectors. Both activities decreased by 25.6%, compared to Q1 2020. This decline is considered normal under global economic circumstances, as most countries of the world closed their airports, land and sea crossings to passenger traffic and adopted precautionary measures, causing the reduction of movement of international visitors, and significant negative consequences on tourism movement globally.

While it is expected that Dubai’s economy will be affected by global conditions given its critical role in regional and global trade and airline passenger traffic, it is important to note that the emirate’s flexibility, advanced capabilities and strategic administrative system enabled a rapid and effective response to the crisis and thereby minimised the economic costs of the pandemic, both in absolute terms and compared to many regional and global economies.