UAE | Government
Khalifa:UAE is primed to deal with crisis
President His Highness Shaikh Khalifa Bin Zayed Al Nahyan on Tuesday downplayed fears of the impact of the declining oil prices on the national economy.
- Gulf News Report
- Published: 23:15 November 25, 2008
- Shaikh Khalifa with Osama Saraya, Editor-in-Chief of Al Ahram, during the interview.
- Image Credit: WAM
Dubai: President His Highness Shaikh Khalifa Bin Zayed Al Nahyan on Tuesday downplayed fears of the impact of the declining oil prices on the national economy.
"Volatility in the oil market is not a new thing," he said in a wide-ranging interview with an Egyptian daily to be published today.
"In the past, we dealt with turbulences during which the prices declined even further than today's level," he was quoted by WAM as telling the leading Al Ahram daily.
"We are following what is happening in the oil market and working with our partners in Opec to control the negative fallouts that many affect the stability of the global market."
Meantime, the President added, "We are investing the oil revenues to develop the human resources which are our most valuable resource and also diversifying our national income through internal and external investments."
"Diversifying sources of income is a strategic goal in our economic policy, and includes industry, trade, services, energy and petrochemicals.
"Recent figures show an increasing contribution of non-oil sectors to the Gross Domestic Product (GDP)," Shaikh Khalifa said.
"Empowering the private sector to be a full partner with the government sector in the development process is vital for diversifying sources of income," he said.
Masdar City
Regarding the UAE's interest in producing clean energy, the President said: "We launched a sustainable development work plan in cooperation with the World Fund for Nature Conservation, with the aim of developing Masdar City as the first carbon-free city."
As the UAE celebrates its 37th anniversary, the President said the UAE federation represents a success story that started with the great efforts of the nation founders led by the late Shaikh Zayed Bin Sultan Al Nahyan.
"Our belief in the Shura and the [political] participation has been deep rooted since the creation of the federation," he said. "At the same time, every democratic experiment has its own unique characteristics which are in line with a society's circumstances and priorities. For us it is a continuous evolution," he explained, pointing out that women, for example, occupy nine seat in the Federal National Council, whose half of the members were elected.
"The rate of women's participation in the Cabinet is relatively higher than what it is in [some] great democracies."
Asked about the UAE's three islands issue with by Iran, the President said the UAE seeks a peaceful settlement to the issue through international arbitration or serious bilateral negotiations.
"Although we hold on to our right to reclaim our occupied islands, we yet consider Iran as a neighbour with which we have a long history and mutual interests, and we realise that a just solution of the issue would result in better cooperation and improving regional security and stability," Shaikh Khalifa said.
Commenting on the growing tension between the US and Iran, over Tehran's nuclear ambitions, and the recent Iranian threat to close the Strait of Hormuz, Shaikh Khalifa said that area is "vital for international economy and a key to security and stability and must not become a subject of political outbids."
The President also warned of turning Iraq into an arena of conflict between Iran and its Arab neighbours. "We hope that everybody would refrain from interfering in the affairs of other countries." He criticised "some regional powers" for exploiting the absence of an Arab role in Iraq to "further isolate it from its Arab neighbours."
Lasting solution
On Palestine and the UAE's role as a member of the Quartet committee, Shaikh Khalifa said: "We took part in the committee out of our belief in the importance of finding a just and lasting solution to the Palestinian cause.
"Our aim is to push peaceful efforts and encourage effective international parties to apply more pressure on Israel to accept international resolutions and honour its obligations according to agreements with the Palestinians," the President said.
Shaikh Khalifa expressed satisfaction over the growth of cooperation and coordination between the UAE and Egypt which "give a boost to the Arab nation and the joint Arab action."
"The Egyptian economy is encouraging for UAE investors to implement projects in Egypt, but the level of joint investments between the two countries is still below our ambitions and based on official initiatives," Shaikh Khalifa said.
Exploring new ways
President His Highness Shaikh Khalifa Bin Zayed Al Nahyan acknowledged the challenge of demography in the UAE.
"It is complicated and we understand the fears of some people but we also must admit that the diverse demography has enriched our development experience and helped spread a spirit of tolerance and cultural openness."
The country is looking into "a number of ways" to deal with the issue, he revealed. "The first is to control the labour market to avoid turning the temporary labour force into a permanent demographic burden and this requires new legislations to deal with the labour forces that suit its temporary nature."
Other ways, the President explained, include the development of national human resources and encouraging "a cultural of national self-sufficiency in many job sectors that are now left to the expatriate workers."
Also, the fees of bringing in foreign workers could be hiked to a level where employing the local alternative would be attractive, Shaikh Khalifa revealed.
"Our country's safety and stability is the fruit of streamlining relations in the UAE society through respecting human rights and ensuring human dignity, as well as providing means of a decent life for all residents," Shaikh Khalifa stressed.
- WAM
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