Not quite, the answer is All of the above!

Insurance, shipping and logistics, and parts of the financial sector all showed signs of resilience during the period, though each for different reasons.

Some benefited from the repricing of risk, others from critical infrastructure and established capacity, while financial institutions were positioned to intermediate heightened market volatility.

What matters is not simply which sectors were affected, but why some were better positioned to absorb, and in certain cases respond positively to the shock.

Read the article to unpack what happened and what it tells us about resilience in the UAE economy.