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Kerala to be hit as uncertainty looms over industries across Gulf countries

Dubai: Even as the threat of COVID-19 pandemic continues to exist in our society, most of the Gulf nations are anxious about the ramifications it can cause in the finance sector. COVID-19 will impact tourism, real estate, hospitality, foreign exchange and construction industries. It is reported that it would take atleast six months to overcome the crisis. This would mean that thousands of people would lose their jobs. And Kerala will be the most affected region because of this.

The major source of revenue for Gulf countries is oil. The consumption of oil has come down exponentially due to the crisis. One barrel costs an average of 35 dollars (Rs 2674). When the production and sale of oil continues and its price comes down, it will affect the revenue of the state.

The crisis has also affected the ability of banks to sanction loans. Most of the government schemes used to be carried out using reserve money. However now, all industries across all sectors are undergoing crisis. Studies claim that the GDP rates of Gulf nations would come down by 0.6 percent. Also the export of oil is expected to plummet to 0.8 percent from the 2.4 percent earlier.

Tourism sector is one of the major source of revenue for UAE and Saudi Arabia. An average of two crore people visit Saudi Arabia for Hajj and Umra activities. While an average of 17 million people visit UAE annually. An estimate of two crore people were expected to attend Dubai for the Dubai Expo 2020. UAE, along with Bahrain is also a popular wedding destination for many Indians who are financially well off.

Ramzan fast will begin by the end of April. And there won’t be much activities anywhere in this month. Schools and other educational institutions will function through e- learning system.

There are more the three and half lakh companies in 44 free zones across different emirates in UAE. In Dubai alone, there are 45,000 companies. Government has declared reduction of rents for six months and other schemes to help these companies

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