Business | Economy
Arab Spring offers chance to fight barriers to growth
Al Mansouri explores new cooperation opportunities with strategic countries
- Staff Report
- Published: 00:00 January 30, 2012
- Image Credit: Courtesy: Ministry of Economy
- Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, expects the UAE economy to grow 4 per cent in light of prevailing conditions at the regional and global levels, in particular the euro and US crises.
Davos: Sultan Bin Saeed Al Mansouri, Minister of Economy, said the Arab Spring, which began one year ago, presents challenges to the economies across the region, but also opportunities.
Speaking at the World Economic Forum, he said 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 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 US 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."
Al Mansouri met on the sidelines of the forum high level officials with whom 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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