UAE economy has proven its strength in times of crisis and prosperity: Al Mansouri

His Excellency Sultan Bin Saeed Al Mansouri, Minister of Economy, said the UAE economy has proven its strength in the times of crisis and prosperity. “Concerted efforts to diversify the economy and a policy of openness adopted by the UAE’s leadership have been the prime drivers in establishing the UAE as the second largest Arab economy,” he said on the occasion of UAE National Day.

Al Mansouri said that the country’s GDP rose from AED 6.5 billion in 1971 to AED 929 billion in 2008, an increase by 114 times, which is the result of the wise economic policies adopted by the UAE leadership.

The Minister of Economy said that the significant economic achievements of the UAE owe to the visionary leadership of late Sheikh Zayed Bin Sultan Al Nahyan, late Sheikh Rashid Bin Saeed Al Maktoum and other leaders.

He said that the leadership has always accorded priority to undertaking development projects, especially in healthcare, education and infrastructure, which have played an instrumental role in laying the fundamentals for robust socio-economic growth.

He said that the UAE’s leadership is committed to strengthening its human resources and has taken strong steps to empower Nationals by providing necessary support and strengthening their talent and qualification.

Al Mansouri explained that the UAE economy has effectively diversified into tourism, trade and services, which in turn, have helped establish a stable platform for inward international investments.

He added: “Currently, the industrial sector contributes to more than 27% to the GDP and we have clear directives to further strengthen this sector to make it one of the main contributors to the local economy”.

Al Mansouri said that the UAE’s growth story has received global acclaim, and that the country has proven its strength in meeting emerging challenges, especially the fall-out of the global financial crisis.

He said: “The UAE has already taken concerted efforts to meet the challenges arising from the financial crisis. Several practical steps were initiated include guaranteeing bank deposits for three years and injecting liquidity into the banking system whereby AED 120 billion has been earmarked by the UAE Central Bank and the Ministry of Finance.”

The ministry of Economy’s initiatives have formed the basis of support for the continuous growth of the UAE economy during 2008. These initiatives have enhanced the economy’s competitiveness and advanced its position regionally and internationally.
The Technical Federal Institute of Zurich University has classified UAE in the first position in the region and 35th internationally from among 122 countries in its ranking of countries that have shown maximum integration with the world economy, based on 24 economic and social criteria.

The Ministry has undertaken several steps to promote the legal framework of the economic, investments and trade activities in the country. Several economic laws have been finalised in order to meet the growing needs of the national economy and the increasing role of the private sector, in addition to making them internationally compatible.

The ministry has exerted various efforts to establish well-founded economic and commercial partnerships, and entered into free trade agreements with strategic partners. It is also taking the lead in the region by promoting intellectual property rights by fighting piracy and promoting innovation.