Mohammed: UAE growth defies regional troubles

General Sheikh Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and UAE Defence Minister, was yesterday satisfied with the performance of the UAE economy considering the circumstances the region is going through.

"Despite the circumstances the region is living in, I am satisfied with the good performance of our establishments. If we compare them with regional happenings, we will find out that they are well ahead. The UAE does not stop until the world solves its problems, but keeps moving," said Sheikh Mohammed, after visiting the offices of the Mohammed bin Rashid Establishment for Young Business Leaders. "The UAE has the ambition and this is the start. It is definitely moving towards joining the advanced countries."

Sheikh Mohammed also ordered the establishment to expand the offices and its incubators from 1,000 to 1,500. "We have a big demand and we have lots of entrepreneurs on the waiting list."

Asked whether the establishment could be expanded into a federal project, Sheikh Mohammed noted, "We do not mind that. Practically, it is the nucleus of a federal project and there are no differences between UAE nationals from Abu Dhabi or Fujairah. Within a short time, the project succeeded in reaching this level."

Asked why only six government departments had allocated 5 per cent of their procurements to projects under the establishment, Sheikh Mohammed was optimistic about the participation of more departments and stressed that once the products prove efficient, government purchases could rise to 50 or even 100 per cent.

"The approved business ventures by UAE nationals are good and the establishment and businessmen confirmed to me that they will perform well in the market.

"The majority will be successful and if a few fail, owners will have the chance to learn from their mistakes with the guidance of the establishment and its team of consultants."

Sheikh Mohammed was pleased with the response of the local businessmen and the private sector.

"Our experienced businessmen do not feel the projects are their competitors. In fact, they encourage national and expatriate entrepreneurs and care for the project like the government or more," he stressed.

He lauded the 60 businesswomen who joined the establishment. "I was pleased to see UAE national policewomen training in shooting and military life as well as the businesswomen. This proves they are developed, and the day will come when we will have women ministers and directors general."