The UAE economy.. Exemplary resilience to the repercussions of the pandemicTruth Consultancy
The economist, partner and general manager of the “Truth” Economic Consultancy Company, Reda Mosallam, identified a number of factors that enabled the UAE to preserve its position as a model for emerging markets in the Middle East region despite the Corona pandemic crisis and its severe repercussions.
The first of those factors that Mosallam spoke about in statements to “Sky News Arabia” is the state’s important location in the Arabian Gulf, in addition to the superior infrastructure, especially with regard to ports such as Kizad Port in Abu Dhabi and Jebel Ali Port in Dubai. As well as the very important free zones, in addition to the two largest airlines in the region (Etihad and Emirates).
He explains that “the UAE is a rich country, and it has strong financial surpluses, and at the same time its progress stems from the conviction of all that is new and innovative that is applied. The UAE maintains strong relations with all countries of the world.
Among the factors that Mosallam highlighted, is the factor of “legislation” that facilitates foreign investment, which are “clear and easy” legislation and laws.
The economist stresses that all sectors of the GDP in the Emirates are superior, in addition to the fact that the country has soft power and a positive mental image in the whole world, and is making huge efforts to make the world know that it is a state of happiness and tolerance.
The economist touched on Abu Dhabi, which ranked ninth in the world in the axis of economic performance, indicating that it is rich in financial surpluses represented by the sovereign funds that exceeded a trillion dollars, in order to protect them and strengthen their position, to the point that some countries maintain the dirham as a currency reserve currency.
Mosallam added, “The oil surpluses that the state enjoys suffices for long periods and large quantities. The UAE in general produces about three million barrels per day, has a huge surplus of natural gas, and God has blessed it with energy resources, in addition to that it has occupied an important position in foreign aid since the sheikh. Zayed bin Sultan Al Nahyan, who has always had white hands on poor Arab and Islamic countries, has provided generous aid to the needy. “