UAE to con­tinue with its long-term di­ver­si­fi­ca­tion plan

The Pak Banker - - 6BUSINESS -

The UAE will con­tinue with its long term di­ver­si­fi­ca­tion plan de­spite the pre­vail­ing eco­nomic chal­lenges, ac­cord­ing to Khal­doon Al Mubarak, Mubadala's man­ag­ing di­rec­tor and group chief ex­ec­u­tive of­fi­cer. Speak­ing at the Global Aero­space Sum­mit in Abu Dhabi on Mon­day, Al Mubarak ex­plained that the UAE has al­ways and will con­tinue to think in terms of decades rather than months or years, de­scrib­ing the coun­try as an ' oa­sis of se­cu­rity in this re­gion'.

He em­pha­sised the im­por­tance of in­no­va­tion and part­ner­ship for eco­nomic di­ver­si­fi­ca­tion and de­fined how mov­ing away from oil and gas has al­ways been part of the UAE's strat­egy and vi­sion.

In­dus­tries such as aero­space and avi­a­tion re­main to be key driv­ers for such di­ver­gence. Al Mubarak re­it­er­ated the UAE's deep and last­ing com­mit­ment to th­ese in­dus­tries as keep­ers of its eco­nomic mis­sion and added that the cur­rent eco­nomic cli­mate re­in­forces and strength­ens the UAE's fo­cus in th­ese ar­eas. Al Mubarak said: "It is crit­i­cal for any busi­ness to re­flect on eco­nomic chal­lenges, as well as those on the hori­zon.

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