Without a shadow of a doubt, 2020 forced countless companies around the world to rethink their strategies and adapt to new norms. With this in mind, our CEO / Founder, Abdul Kader Saadi, shared what lessons he learned last year and how he foresees the business landscape in 2021.
Lessons of 2020
A valuable lesson has been the ability to be adaptive and react quickly to tough situations, such as a no income paired with high fixed costs. We have also been reminded that cash is king; it saved many leading operators/businesses in the sector.
What to expect in 2021
In terms of forecasting 2021, the UAE has already begun to pick up the pace but with a greater focus on the high-end hospitality. Tourist numbers are also growing alongside high net worth spending. Attention has been refocused on Expo 2021, which has been rescheduled but promises great avenues for potential. The Saudi market has also begun to pick up due an increase in internal demand, with sales at outlet levels returning to pre-Covid-19 levels. In addition, numerous upcoming Saudi projects, including The Red Sea Project, will be focus heavily on tourism.