UAE to continue with its long-term diversification plan
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.