A clearer vision

The UAE is one of the countries least affected by the global financial crisis, as we have repeatedly pointed out. What is felt in the UAE is merely a reaction to the crisis and its impact on the global markets.

Although we are not part of the crisis, we have been affected by its repercussions. This is simply because we are part of the international economic system and play an active and influential role in international economic relations.

Meanwhile, well-known and respected international media outlets launched a relentless campaign against the UAE and Dubai's economic situation.

At the time, the voice of those well-established media outlets was louder than our voices, which may not be so loud but are credible and more importantly, better informed of our situation and capable of defending our achievements.

We earlier said that the repercussions of the crisis will affect our economy and cause some sectors to slow down, but the UAE economy has the potential to withstand the crisis and come out of it with minimal losses, which is what has actually happened.

The reasons why we said that are simple and clear for those who are well informed and have good intentions. The local economy, especially financial and banking institutions, was not deeply involved in the collapsing Western banks and companies, or with bad debts.

Also, the UAE economy is coherent within one system whose components are inseparable, and this system is supported by oil revenues and the economic diversity achieved in the past years.

Now that this unjust campaign has failed, the country's leadership sent a strong message through the visit of President His Highness Shaikh Khalifa Bin Zayed Al Nahyan to Dubai, and the statements by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

Strong messages were sent regarding the strength of our national economy and the beginning its recovery, which left no place for the voices that tried to offset the UAE's distinguished experience.

These people must reconsider their stand and have more objectivity and a scientific approach in the future, to become more credible and transparent in dealing with events all over the world.

In the age of information technology and the internet, the truth cannot be concealed, and various opinions cannot be blocked.

As we leave this behind and look at the future, we realise that we have many tasks ahead, which are as important as our past achievements.

Many projects were announced lately in all economic sectors, the last of which were announced during Cityscape Abu Dhabi 2009, by General Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces.

This means that the UAE is heading to another qualitative leap that supports its distinguished global experience.

This year, the world's biggest aluminium smelter will start production, the world's tallest tower will be completed, and the country's airports and ports will become a hub of international transport and trade.

Furthermore, a number of vital projects in the petrochemical and oil byproducts industries will be implemented, while many universities, institutes and hospitals will be opened.

In the near future, the UAE will constitute a main part of the GCC Common Market, which will have a major role in international trade and economic relations, and provide hundreds of investment opportunities.

Also, the UAE possesses oil wealth with huge revenues, and the UAE sovereign funds will grow, manage and acquire giant and prestigious international economic institutions over the coming years. This will lead to the diversification of sources of income and the gaining of new experience in the field of fortune management around the world.

We are not sure that the future developments we summarised will be enough to stop the vicious campaign against the UAE, but the expected progress will definitely contain it.

The UAE leadership has the firm will and determination to succeed, and local talent is capable of running development projects. Financial and banking institutions enjoy strong solvency and basic infrastructure to cope with the continuous growth, aiming at finding alternative sources of income.

Many lessons can be drawn from the economic meltdown, and all countries and institutions will try to benefit from them. At the same time, the media and classification and evaluation institutions must be objective and well informed to point out successful experiences.

This will help generalise the benefit of successful experiences instead of causing harm and damage.

Dr Mohammad Al Asoomi is a UAE economic expert.

Well, this is good to know and somehow clarifies some doubts. I personally remained positive about the capability of this Nation to get through this global crisis.
Celeste
Dubai,U.A.E
Posted: April 25, 2009, 10:17