A Case Study on the United Arab Emirates (UAE) as a Digital Economy Exemplar

Introduction And Background To The Study

The global coronavirus pandemic has taken a huge toll on the world populace and catapulted it into gloom. The spread of the virus has changed not only the way we operate in our daily lives but also altered lofty government long-term goals worldwide. It has pointed out the stark inequalities between nations and the speed, priority of a government’s response in a crisis. The pandemic has pushed third world countries further into poverty, while the first world nations wrestled with recession. The lockdown required people and governments to rethink a new way of being.

However, with strict protocols for the new normal and the rapid development of the mRNA vaccines, the year 2021 has started to beam with optimism (The Economist, 2021). Mckinsey Global Survey reports a positive momentum in the world economy. While the results on confidence vary by geography, the developed world economies anticipate recovering quickly from the mayhem of the pandemic (Mckinsey Global Survey, 2021). Unfortunately, emerging economies continue to face a barrage of health challenges, overwhelmed public health systems, lack of vaccine access or shortages, health frauds, along with higher inflation, education disruption, weak economic growth and high levels of unemployment. The Economist Newspaper (2021) states that the developing economies are the victim of and going through a period of fighting a long covid with low resources, less energy that are delaying its recovery process.

The virus disease has required us to broaden our thinking and to harness the creativity that exists to develop and adopt solutions to the many problems faced. Resilience and flexibility are fundamental elements to survive in our societies today. Innovative thinking, sustainable solutions, human welfare, creativity, new business models and markets are the need of the hour.

In this dark hour of human history, there are bright spots that shine like a light at the end of long black tunnel. Many researchers view the pandemic as a fast track revolution, as it unmasked untapped opportunities, while others are of the opinion that it is the start of a global golden age in innovation (Thompson, 2021). In Latin America, online shopping gained momentum and presented unique business growth opportunities as result of the contagious disease. In the Indian nation state, the pandemic is currently reshaping the automotive and public transportation industries.

The introduction of plant based protein in the United States of America (USA), Chinese youth leading the games of the future through esports, young entrepreneurs flourishing in South Korea against family owned conglomerates and consumers using their purchasing power to transform industries are some examples of positive and innovative outcomes from the contagion of the deadly virus (Knowledge@Wharton, n.d.).

Innovation and technology are central and hold key roles in reconstructing, reimagining opportunities and resilient outcomes for the post COVID world society. In this book chapter, the researchers present the case of the United Arab Emirates (UAE) as a smart economy with sustainable cities that drives on the power of digitization and emerging, innovative technologies. The focus on digitalization enabled the country to minimize the economic impact of the coronavirus. The country not only addressed the pandemic with a superior strategy, planning, grit and diligence but has also prepared itself for the VUCA (Volatile, Uncertain, Complex, Ambiguous) challenges by turning itself into a smart resilient economy through its national strategies and policies before the corona crisis.

The 49-year-old country has taken an innovative approach to address the 21^st century challenges. Moreover, it is in the process of successfully diversifying its economy. For its futuristic vision, efforts and approaches towards economy development, the United Arab Emirates (UAE) has won several awards in a variety of competitions worldwide. The nation has turned heads by emerging as one of the most productive and successful countries in terms of innovation.