UAE Minister of Economy Discusses Key Economic Issues At Davos
Sultan Al Mansoori, UAE Minister of Economy, said the Arab Spring, which began one year ago, presents challenges to the economies across the region, but also opportunities. Speaking to the Media at the World Economic Forum in Davos, he added that the UAE, as a stable, secure state, will see some immediate short-term benefits as investment flows to safe havens, but in the longer term, all economies in the Middle East will benefit.
"The Arab Spring presents an opportunity for all governments to address pressing economic issues, including unemployment, corruption and stifling regulations that have held back growth. As an example of a successful Middle Eastern economy, the UAE is open to offer these new regimes in Egypt and North Africa any advice and support they may need to manage what will be a challenging, but ultimately necessary and rewarding, transition," he added.
He expected the UAE economy to grow by 4 per cent considering this will be a perfect result within the current conditions at regional and global levels, particularly in light of the euro and the U.S. crisis, adding that the national economy is integrated into the regional and global economies, and not in isolation from the challenges that may arise at all levels," but we must be optimistic and look forward to growth and overcome various challenges, especially as the UAE has a diversified economy and at the same time supported by oil resources." The Minister reiterated the strategic importance of the topics to be discussed by the Summit on the Global Agenda, which will be held in Dubai in 2012, especially as the world is full of financial, political, and climate change challenges, pointing out the importance of drafting a way forward agenda for the region economic agenda that will focus more on the countries of the Arab spring and the necessary involvement of the Gulf countries and the Europe countries to take a lead in this.
Al Mansoori met on the sidelines of the forum high level officials where he discussed key economic issues that are of interest to the UAE, and explore new cooperation opportunities with countries that are considered strategic for the UAE.
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