Opinion | Editorials
Khalifa speech reassures investors
President His Highness Shaikh Khalifa Bin Zayed Al Nahyan has assured members of the Federal National Council (FNC) and the citizens and residents of the UAE that the economy is on a firm footing despite the international financial crisis.
- Gulf News
- Published: 00:00 October 23, 2009
- Image Credit: WAM
"Despite all the negative effects of the crisis, which variably hit all countries of the world, they have proven that our economy is solid and capable of absorbing its various ramifications," Shaikh Khalifa said in his speech to the FNC's fourth regular session of the 14th legislative chapter. The speech was read out by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
"We are confident that the steps and measures that we have taken so far will help our economy regain the initiative and continue the march of growth and construction with greater confidence and zeal," Shaikh Khalifa said.
His confidence is backed up by a number of key economic indicators. Business confidence, essential to sustainable economic growth, is growing stronger in the UAE and across the Gulf countries. According to the HSBC Gulf confidence index, in general many businesses were optimistic about growth in their revenues and profits in the third quarter of the year. The International Monetary Fund, among other local and international institutions and authorities, predict that the UAE will experience relatively strong economic growth next year.
The higher oil price is also boosting local business confidence as demand for the commodity will increase the UAE's revenue and strengthen its fiscal position.
The economy of the UAE has also benefited from the government's support for the local financial system and its continued investment in the infrastructure that is the basis for future economic growth.
Shaikh Khalifa's reassuring words are backed by his government's actions.
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