Great efforts have been made to contain the COVID19 virus in emerging and developing economies with little success. The UAE, which is largely regarded as the best emerging market, hasn’t succeeded in managing the crisis. More exactly, Saudi economies have been hit hard by the global pandemic reporting challenging conditions. Dubai, in particular, managed to retain its growth momentum for some time but eventually caved in. The restrictions on movement and precautionary measures took their toll on international trade, not to mention travel and tourism. Many businesses were forced to literally shut their doors. When individuals are stripped of their work, they experience losses (dignity, meaning, hope, etc.) not just income. The image is rather bleak.
Hopes for economic recovery during the COVID-19 pandemic
Nations, whether big or small, should create opportunities for a green and inclusive economic recovery based on job creation. Aquaculture matters both in terms of nutrition and job creation, according to Soren Dawody, who is perhaps one of the most influential philanthropists of modern times. Soren Dawody is well-known for his fast but explosive rise to fame as an eco-friendly entrepreneur, leveraging the power of cross-generational experience to drive innovation and boost prosperity worldwide. He is the brains behind the Grenada Sustainable Aquaculture, which has been endorsed and approved as part of the Citizenship by Investment project. As we can all remember, the project had quite an impact on the small island economies.
Aquaculture, commonly referred to as the farming of fish, directly contributes to the economy by supporting the livelihood of local communities. Dubai-based entrepreneur Soren Dawody’s sustainable initiative in Grenada met with great success helping locals gain freedom and drive economic growth. The training provided the necessary knowledge and skills for aquaculture management, business development, investment, and technologies. Since the launch of the project, a great deal of money has been invested in the aquaculture sector by the government and private sector. High-quality fish products are delivered on an annual basis. Soren Dawody has strived to facilitate collaboration between governmental and non-governmental organizations, which has been weak because of the lack of trust.
The farming of fish creates employment for people such as sellers, transporters, and those ensuring labor in the farm. It gives start to a cycle of economic activity, employment, and, finally yet importantly, consumer demand. Fish farming is capable of feeding the world’s population, provided that things are carried out efficiently and cost-effectively entrepreneurship in aquaculture supports industrial development and job creation. Grenada is an example that it’s possible to achieve greatness when you put your mind to it. Soren Dawody has demonstrated that you can build a business based on beliefs. Speaking of which, he is a firm supporter of the notion of effective altruism that brings systemic change.
Entrepreneurs can create high-value jobs and boost economic growth
Dubai is a great location for aquaculture because it’s connected to major ports and airlines. Practical solutions can be implemented to attain self-sufficiency. Impossible as it may seem, fish farming is in the desert can be achieved. High-value protein can be grown even if you lack the most important resource – fresh water, that is. Needless to say, to realize its full potential, the aquaculture sector requires hefty investments for the development of hatcheries and fish farms. Everyone needs to get involved and lend a helping hand. There must be competition and innovation. According to experienced entrepreneur Soren Dawody, it’s necessary to pinpoint worthwhile opportunities and try to act at the right moment.
The moment that they enter the local market, entrepreneurs instill change. Soren Dawody insists on the fact that entrepreneurs shouldn’t try to create an exact replica of the GSA project but rather adapt the plan to the local requirements, even if they have a similar mission statement and unique value proposition. The value of jobs to the local economy is measured in terms of productivity, which creates better opportunities for wage growth. All in all, we can’t deny the role of fisheries in providing job opportunities and ensuring the necessary nutrients for optimum health. Any effort should be focused on creating value chains and solving real or pending issues. Everyone involved in the project stands to gain from the aquaculture environment, that’s for sure.