Ras Al Khaimah: Shaikh Saud Bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, on Monday said that the economic outlook for the Arab region for the next three years has turned very optimistic as the countries in the region are now focusing on how to achieve enduring economic growth.
Speaking at the opening plenary session of the Global Arab Business Meeting held at the Al Hamra Convention Centre here, Shaikh Saud said, “As far as the Arab region is concerned, I am very optimistic about the coming three years. In the post- financial- crisis world order, Asia has become much more relevant to the world economy. The inter-trade within Asia has become an engine for growth more than ever before and Asian countries now clock higher growth rates than European countries and the USA. The fundamentals of doing business in our region, which is next to or part of Asia and strategically located next to Europe, are strong.”
He added that “the global demand for oil and gas, the maturity of the Gulf states, the massive government investments in education and infrastructure and the young population of countries are factors that augur well for the Arab region in the long term.”
Shaikh Saud said that UAE is currently on the path to achieving an enduring growth. “During the crisis, people expected shrinkage in the country’s population, which has not happened. Tourism figures are picking up and there is increase in port and airport activity.” He added that it is the duty of the governments to balance their budgets and to be transparent so that investors coming to the country can take informed decisions.
