UAE on a path to recovery

Due to the lowering of the prices of the Abu Dhabi property, the UAE economy is on a path to a U-shaped recovery, as told by Sultan Saeed Al Mansouri, the UAE Minister of Economy.

“While economists continue to debate on whether the global financial crisis is over and how long it will continue to play out, we feel that the worst of the crisis is behind us,” Al Mansouri said, in his speech which was read out by Mohammed Ahmed bin Abdul Aziz Al Shhehi, the director general of the ministry, in his absence. Event was held at the Mega Trends Conference organized by Abu Dhabi University to throw some light on the impact of the universal economic crisis on the economies of countries in the GCC.

Al Mansouri’s speech said: “We do not harbour any false illusions that the days ahead will be easy or less difficult. We have all learnt our lessons and it will be hard to forget those easily. The most important lessons from the crisis have been the need for corporate and governmental accountability and transparency.” He said that the government is dedicated to shield the concern of the business community, while it is also paying attention on the economic and social welfare of the people.

Proceeding further in his speech, the minister mentioned that the motto will prolong to be diversification. “We will concentrate on diversifying our revenue streams through focused investments in several high-growth sectors. The country has already recognized and acted upon the importance of diversifying the sources of energy, while oil revenues have been the driver of growth, we set on a course of diversifying our economy, which is reaping rich rewards today.”

Considering the rise in competition for FDI in the region, Al Shhehi said that the UAE has everything that is required to make the nation more enticing to foreign direct investment.