UAE not sidetracked by oil prices

Date

3/2/2016 11:49:48 PM

(MENAFN- Khaleej Times)

The UAE is not sidetracked by oil prices or the geopolitical situation in the region Abu Dhabi's top economic planner said.

Taking part in a panel discussion on the first day of the two-day Global Financial Markets Forum being organised by National Bank of Abu Dhabi Khalifa Salem Al Mansoori undersecretary of the Department of Economic Development in Abu Dhabi and Homaid Al Shemmari CEO of Aerospace and Engineering Services at Mubadala discussed the emirate's post-oil future. Both panelists emphasised the UAE's long-term view and its economic diversification plans.

Al Shemmari stressed that the UAE and Abu Dhabi have been saving for "these rainy days" referring to the slump in the price of oil. "This oil price slug is not new to us. Since the 1970s late founder of this country has saved the earnings of oil in the UAE to make sure we have funds and capital investments for the future" he said. Since 2008 Abu Dhabi Vision 2030 has been driving investment in industrial sectors to diversify away from oil and petrochemicals he added. The country's dependence on oil has been declining as new industries such as aerospace and renewable energy expanded according to the CEO.

Al Mansoori said that the Department of Economic Development was looking at the country's future 50 years from now seeking to translate its leaders' vision into concrete plans and perhaps re-visit its diversification model to create a sustainable economy beyond oil. "We are not in the panic mood of looking at oil as the primary driver of economic growth" he stressed.

Sectors such as healthcare education infrastructure logistics industries and renewable energy will play an important role in Abu Dhabi's economy in the next 20 years he added. Mubadala's Al Shemmari echoed his comments adding that the UAE's commitment to education "is second to none" in the region and is designed to build knowledge that will cater to the needs of the industries being created. Education research and development and a knowledge-based economy are the UAE's future he said.

In conclusion Al Mansoori said the country is not "sidetracked by oil prices or the geopolitical situation in the region" and has a robust strategy to deal with various future scenarios that may arise.

Building a knowledge economy

Shaikh Nahyan bin Mubarak Al Nahyan Minister of Culture and Knowledge Development discussed the increasing importance of knowledge to the future of the UAE as the country seeks to become a major regional hub in the global economy.

"Our cultures whatever their distinctive characteristics must create produce transfer adapt and localise knowledge if they are to flourish" he said.

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