Sheikh Mohamed will lead the UAE to new heights of economic growth and prosperity – News

The country’s economy will continue its path towards diversification as the new policy measures will help achieve sustainable growth



Published: Sun, May 15, 2022, 6:24 PM

Last update: Sun, May 15, 2022, 6:44 PM

The UAE economy will reach new heights and create milestones under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, according to senior government officials.

The country will relentlessly continue to implement its overall strategy and vision to build a sustainable knowledge-based economy that secures a prosperous future for generations to come.

Senior officials have said that the UAE’s economy will continue on its path of diversification as the new policy measures will help achieve sustainable economic growth in the years to come.

Referring to the latest data, they said the economy will grow by at least 6.2% this year despite major challenges such as the Covid-19 pandemic, global economic slowdown and inflation. They said the economy, valued at 1,489 trillion dirhams in 2021, could grow even faster due to an aggressive approach, visa reforms and consistent economic policies.

Clear economic vision

Sheikh Mohamed’s economic vision is based on accelerating the development and implementation of the country’s economy for the next 50 years, keeping pace with the rapid and multifaceted changes in the global economy.

Its vision is centered on knowledge, innovation and investment in people, according to the official Wam news agency.

“The vision will not only strengthen the role of the private sector as an active partner in the economic landscape, promoting investment incentives and ensuring greater economic diversification, but it will also continue to maximize the use of petroleum resources. and gas and build the nation’s ability to produce more renewable and clean energy in the decades to come, according to the report.

More success to come

Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, trusted in Sheikh Mohamed’s leadership and said that the UAE will achieve more success and achievements under the leadership of the new president.

“Today, we pledge allegiance to Sheikh Mohamed, the leader of our country, and reaffirm our loyalty to our nation and our wise leadership, to achieve many firsts and cement the UAE’s position as a model of excellence and success to emulate under his wise leadership,” said Al Hussaini.

Ready to accelerate

Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, expressed similar views and said the nation would spare no effort to realize Sheikh Mohamed’s vision.

“We congratulate those who call the UAE home for electing Sheikh Mohamed as President of the UAE. We will spare no effort to realize His Highness’s vision by reiterating the position of the UAE as an economic, social, humanitarian and cultural to emulate. We ask Allah Almighty to bless His Highness and our beloved nation,” Al Khoori said.

Dr. Mohammed Salim Al Olama, Undersecretary of the Ministry of Health and Prevention (MoHAP), congratulated Sheikh Mohamed on his election as President of the United Arab Emirates.

“The election of Sheikh Mohamed as President of the UAE reflects the unity and strength of the nation and reaffirms that the UAE is determined to move forward to achieve greater national achievements,” Al-Olama said.

He said that the people of the UAE had placed their faith and pledged allegiance to Sheikh Mohamed through his exceptional leadership qualities, which he had learned from the founding father of the United Arab Emirates, Sheikh Zayed bin Sultan and his future, in addition to its forward-looking vision and future development strategies.

“We are proud that he is our president. It will even fuel our love and loyalty to the nation and to a leader capable of taking the country to new heights of growth and prosperity and meeting the needs of its people. Under Sheikh Mohamed’s leadership, the United Arab Emirates will continue its journey into the next 50 years to build on its renaissance and enhance its global reputation as an incubator of generosity, tolerance, brotherhood and humanity,” Al-Olama said.

Achieve strategic objectives

Massimo Falcioni, Managing Director of Etihad Credit Insurance, paid a rich tribute to Sheikh Mohamed as the new President of the United Arab Emirates and said he will lead the nation to achieve its strategic goals of sustainable social and economic progress.

“On behalf of Etihad Credit Insurance (ECI), the Federal Export Credit Corporation of the United Arab Emirates, I would like to congratulate Sheikh Mohamed on being elected as the third President of the United Arab Emirates,” he said. declared.

“In line with the vision of the late Sheikh Khalifa bin Zayed Al Nahyan and the founding father of the United Arab Emirates, Sheikh Zayed bin Sultan Al Nahyan, he will now lead this nation to achieve its strategic goals of sustainable social and economic progress. As the federal entity tasked with advancing the country’s economic diversification and non-oil trade, ECI looks forward to making tremendous strides under his leadership to strengthen the UAE’s export sector and prepare the country for the future. inevitable post-oil era,” Falcioni said. mentioned.

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Economy to develop

In its latest forecast, FocusEconomics said the UAE is expected to post higher GDP growth this year after recording an impressive 3.8% increase in gross domestic product in 2021.

“Economic activity is expected to accelerate further in the first quarter of 2022 as oil production increased due to further quota increases from OPEC+. war in Ukraine, this will likely have boosted investment and public coffers,” according to the FocusEconomics report.

“This year, economic growth is significantly higher than the rebound in 2021. The acceleration will be driven by a booming oil sector, while a recovering non-oil sector is expected to provide further impetus thanks to the government’s reform program.

“Yet regional tensions, oil price volatility, US monetary policy and new variants of Covid-19 are key risks. FocusEconomics panelists forecast GDP growth of 5.2% in 2022, an increase of 0.2 percentage points from last month’s forecast, and 4.4% in 2023,” the report said.

muzaffarrizvi@khaleejtimes.com

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