creative zone

Road To Recovery – Reviving our Economic Engines

On June 18, Creative Zone organised a webinar to facilitate a discussion on how economies will recover from the period of slumber that is brought upon by the pandemic together with assessing the changes stimulated in the educational, commercial, and aviation sector.

The panel comprised Tariq Qureishy, CEO Xponential and MAD Group, Mohamed Al Banna, CEO, LEAD Ventures, Adel Mardini, CEO, Jetex and the session was moderated by Lorenzo Jooris, CEO, Creative Zone. The panellist’s sharp observations and industry insights were backed by years of experience in their respective industries and knowledge gained over the years.

While answering what’s to come in the near future, the panellists cohered a singular tone that before we go on thinking about our businesses and economies, this time has certainly taught us some forgotten core values i.e. trust, empathy and kindness. In the next six months businesses should put on their resilient mode and do everything they can including making hard choices and set out clear measures to take in the coming 12 months, instead of panicking and shutting down shops, fight one thing at a time and to always remember that this pandemic is only a season that will sooner or later end.

Tareq correctly pointed out that the COVID has unleashed more than just a physical pandemic, it has generated fear for our safety, fear of isolation and being lonely, there is surely the insecurity about one’s financial situation and then there is so much misinformation that is making rounds in the media that adds to people’s anxieties. So, there is really a need for people to take a step back in all this chaos and breathe first, as often it is our only choice. “Yes, many big companies will exit the market but at the same time several new spring up. It is upon us to decide how innovative we can be, a good pandemic should never go to waste”. Examples of many companies came up who evolved in the situation to stay agile, for instance, economical airlines have converted themselves into cargo, dating apps have altered their model and now they let people go on a virtual date. So it’s all about acting quickly and having the right attitude.

There is no denying that somethings will change forever, foremost being consumer behaviour, in our previous webinars we discussed how technology has made this time possible to survive and along with giving rise to many more ideas and concepts that are enabled only by technology.

Talking about how the UAE has done in dealing with the crisis, Mohamed praised the government in doing everything that was needed in terms of medical, financial and even mental assistance. The measures and messaging of the government has once again regained the trust of its residents and condoned the false rumours about the UAE being in danger etc. The country has always shown resilience and bounced back stronger and better.

As the aviation industry is one the most highly affected ones, Adel revealed that instead of 6000 units earlier they are now down to 600. But there is hope in the future as the oil prices have reduced leading to lowered prices for hiring private planes, people who earlier travelled business or first-class are now switching to chartered planes.

The session ended on the positive note that the only way forward is to have trust in oneself and our communities. It is the trust that will take off the flights and start the engines in factories once again.

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