Self-Confidence and Optimism for the Future

  • 17 March 2009

In an interview to the Alroya Aleqtisadiya newspaper, published in its first edition on Monday, UAE President His Highness Sheikh Khalifa Bin Zayed Al Nahyan discussed many important national issues over the international financial crisis and expressed confidence in measures taken by the UAE government in confronting its effects and curtailing any speculation contradicting the reality of the situation.

His Highness expressed confidence in the ability of the UAE in offsetting the impact of the financial crisis. He said that adjustment in some priorities in the wake of the impact of the crisis does not mean that economic advancement has slowed down or is in danger. The diversified base of the revenue sources has been able to withstand the fall in oil prices without affecting development plans and programs. His Highness Sheikh Khalifa Bin Zayed Al Nahyan said that this confidence does not emanate from a void but relies on the fact that the UAE economy has a strong foundation and is protected by strong and stable financial and economic institutions. It also has great experience in dealing with crises and is highly respected in the international arena.

In a direct response to those trying to spread misleading analyses and rumors regarding the extent of the impact of the crisis on the UAE, and the nature of relations among emirates since its onset, His Highness Sheikh Khalifa Bin Zayed Al Nahyan ,stated in clear terms that there is a misunderstanding and exaggeration in estimating the impact of the international financial crisis on the UAE and false information linking members of the Federation on the nature of the relations “because we are members of the same unit, bound in one strong and coherent body”. This strong and crucial message by the UAE President His Highness Sheikh Khalifa Bin Zayed Al Nahyan will reassure all those linked to the crisis. The UAE economy is in fine shape and is dealing with the international financial crisis as one country—unlike the claims of some parties that are trying to show the situation in a different light.

In a clear and reassuring message regarding the UAE’s confidence in its economic health and its intension not to change course, His Highness Sheikh Khalifa Bin Zayed Al Nahyan reaffirmed the UAE’s faith in the private sector and the free-market system. Even if the government has had to intervene to support its banks, it does not mean that it has compromised its economic principles, but its goal is to support private institutions and to empower them in order to execute their role as the main player in the process of development. UAE intends to follow the lead of some countries that have imposed restrictions on some investment and financial institutions because of the financial crisis.

While His Highness Sheikh Khalifa Bin Zayed Al Nahyan has affirmed that UAE is working with the international community in alleviating the impact of the crisis, he also explained its root causes and the mechanisms needed for treating the structural flaws in the international financial system that need immediate correction.