Abu Dhabi The global economy's gravity is shifting towards the east, and this will benefit the Middle East, particularly the UAE, said Michael H. Tomalin, group chief executive officer of National Bank of Abu Dhabi.
Addressing the Global Financial Market Forum in Abu Dhabi Wednesday, Tomalin spoke about the UAE's rapid and spectacular development since its founding.
There is a tectonic shift in the centre of economic gravity toward the east. Today it runs through the Emirates Palace Hotel, right here in Abu Dhabi," Tomalin said.
"Today we sit in this world cockpit feeding the east with energy and intermediating trade and activity from the rest of the world into the region."
The UAE economy, he said, has benefited immensely from the shift in the economic equilibrium of the world. The UAE's emerging strength is reflected in the large trade surpluses the country registers.
In 2010, the UAE registered a trade surplus of $51 billion (Dh187.28 billion) or 17 per cent of GDP. The estimate for 2011 is substantially higher given the average oil price of $105 per barrel.
Tomalin said the UAE has the competitive advantage in terms of business and investor-friendly climate, stable exchange and interest rates, free movement of capital, low taxation, capital mobility and a well-placed policy to exploit its comparative advantages.
