The economic strategy will have an equal mix of old strengths and newly minted ones
Dubai: Build on the UAE’s hard-won strengths, and then add lots more to the mix. That would be the gameplan His Highness Sheikh Mohamed bin Zayed Al Nahyan would work on as he takes the mantle of being the UAE’s third President.
There are some obvious strengths that could be worked on to realise their full potential.
> The UAE as a global financial hub, including one that will support the evolution of crypto-assets and the supporting Blockchain technology. Of course, with a regulatory framework already being put in place.
> Build on the UAE’s existing strengths as the nerve-centre for trade, and use those very strengths in infrastructure elsewhere in the region through new ports and terminals.
> Reaffirm the UAE’s credentials as an industrial powerhouse by creating a new set of manufacturers who would use availability of capital and land to pursue their ambitions, whether that be in energy sector or outside of it.
> Have an open-door policy for startups and the brains behind them, and they too will be welcomed with all the support they will need to have those ideas find traction, as well as the markets for those services.
> Re-assert the UAE as a destination for the world to travel to -- and, when that decision is made, to stay on, whether that is in the destination-islands of Saadiyat or Yas in Abu Dhabi, the glitzy towers and mansions in Dubai, the emerging communities in Sharjah, or the tranquil surroundings in Ras Al Khaimah or Ajman.
> Keep spreading the word and the supporting technology in renewables or clean energy, whether that’s building massive solar power plants or setting off in the pursuit of blue/green hydrogen and the clean energy it can provide future generations. (Keep an eye out on Ta’ziz, a state-of-the-art complex that will be integral to the UAE’s medium-term aspirations in the industrial space.)
> Keep spreading UAE’s knowhow and financial muscle in markets, near and far, whether that is through the wealth funds ADIA and Mubadala, the renewable energy creator Masdar, and investment giants ADQ, IHC, Alpha Dhabi and Aldar.
> All the while, keep using the UAE’s original source of its past and present strengths - oil - to find and fund a new generation of wealth creators. And create jobs, for UAE’s Nationals and others alike.
Here are what some experts and industry leaders have to say:
- Mohamed bin Hadi Al Hussaini, UAE Minister of State for Financial Affairs
- M.A. Yussuf Ali, Chairman of Abu Dhabi-headquartered LuLu Group
- Waleed Al Sayegh, CEO of Sharjah Asset Management
- Dr. Azad Moopen, Chairman and Managing Director of Aster DM Healthcare
- Peter Maerevoet, Global CFO and Regional CEO for Asia at Tradewind Finance
- Ram Buxani, Chairman of ITL-Cosmos Group
- Omar Ayesh, Chairman of Nobles Investment
- Javed Malik, former Pakistan Ambassador and Chairman of Diplomat Business Club Dubai
- Dr. Shamsheer Vayalil, Chairman and Managing Director of VPS Healthcare
- Younis Haji Al Khoori, Undersecretary at the UAE Ministry of Finance
- Raju Menon, Chairman and Managing Partner at Kreston Menon
- Abdul Salam K.P., Vice-Chairman of Malabar Gold & Diamonds
- Dr. Dhananjay Datar, Chairman and Managing Director of Al Adil Group
The UAE boasts one of the world’s most successful - and sustainable - tourism sectors. The country, under Sheikh Mohamed, can continue to expect to see major advancements in the tourism and hospitality sectors and raise its status as a destination for explorers and families alike.
- Dr. Ahmed Samerai, UAE-based investor
- Nidal Abou-Ltaif, President of Avaya International
- Neelesh Bhatnagar of NB Ventures
- Bal Krishen Rathore, CEO of Century Financial
Sheikh Mohamed has made the UAE the most competitive and attractive market for FDI in the Middle East. As President, he is sure to continue his vision of diversification of the economy and growing non-oil sectors by supporting start-ups and small businesses. He will lead the UAE into a future based on a unified strategy placing human capital as the true wealth and the most critical pillar of the economy.
- Bharat Bhatia, CEO of Conares
- Ali Rao, CEO of Elixir Establishments
The biggest impact of the UAE’s historic signing of the Abraham Accords with Israel since September 2020 has been on trade and commerce between the two countries.
- Robin Philip, Director of A&A Associate
- Adeeb Ahamed, Managing Director of LuLu Financial Holdings
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