UAE set to unfold new vision
SHEIKH MOHAMED to lead nation towards new heights of growth and prosperity
The UAE economy will achieve new heights and milestones under the leadership of the President His Highness Sheikh Mohamed bin Zayed Al Nahyan, as the country will unswervingly continue to implement its comprehensive strategy and vision to build a sustainable knowledgebased economy that ensures a prosperous future for generations to come, top officials say.
Leading government officials said the UAE economy will continue its journey towards 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 expand at least 6.2 per cent this year despite majorchallengessuchascovid-19 pandemic, global economic slowdown and inflation, among others. They said the economy, which was valued at Dh1.489 trillion in 2021, may grow even at faster pace due to aggressive approach, visa reforms and consistency in the economic policies.
“Under the leadership of Sheikh Mohamed, the UAE will strengthen its position as one of the strongest global economies over the next 50 years,” according to a government official.
CLEAR vision
The Emirates News Agency (Wam) sheds lights on the economic vision of Sheikh Mohamed that is based on accelerating the implementation and development of an ambitious economic vision for the next 50 years and the Centennial 2071, which keeps pace with the fast-paced and multifaceted changes of the global economy.
His Highness’ vision is focused on relying on knowledge, innovation and investment in people, according to official news agency Wam.
“The vision will not only enhance the role of the private sector as an active partner in the economic landscape, promoting investment incentives, and ensuring more economic diversification, but it will also continuing to maximise utilisation of oil and gas resources and enhancing the nation’s ability to produce more renewable and clean energy in the coming decades, according to the report.
More success AHEAD
Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, reposed confidence in the leadership of Sheikh Mohamed and said the UAE will achieve more success and achievements under the leadership of new president.
“Today, we pledge allegiance to His Highness Sheikh Mohamed bin Zayed Al Nahyan, the leader of our country, and we reaffirm our loyalty to our nation and wise leadership, to attain many firsts and cement the UAE’S position as a model of excellence and success to be emulated under his wise leadership,” Al Hussaini said.
READY to ACCELERATE
Younis Haji Al Khoori, undersecretary of Ministry of Finance, expressed the similar views and said the nation will spare no efforts to realise the vision of Sheikh Mohamed. “We congratulate those who call the UAE home on electing His Highness Sheikh Mohamed bin Zayed Al Nahyan as President of the UAE. We will spare no effort to achieve His Highness’s vision in reiterating the UAE’S position as an economic, social, humanitarian, and cultural model to be emulated. 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 being elected as President of the UAE.
“Electing Sheikh Mohamed bin Zayed as President of the UAE reflects the unity and strength of the nation and reaffirms the fact the UAE is determined to forge ahead towards making greater national achievements,” Al Olama said.
He said the UAE people have placed their faith and pledged allegiance to Sheikh Mohamed thanks to his exceptional leadership qualities, which he learnt from the UAE’S founding father Sheikh Zayed bin Sultan and future, in addition to his future foresight vision and development strategies.
“We are proud of him being our President. This will even fuel our love and loyalty to the nation and to a leader capable of taking the country towards new heights of growth and prosperity and meeting the needs of his people. Under Sheikh Mohamed’s leadership, the UAE will continue its journey towards the next 50 years to build on its renaissance and enhance its global reputation as an incubator for generosity, tolerance, brotherhood and humanity,” Al Olama said.
ACHIEVING STRATEGIC Goals
Massimo Falcioni, chief executive of Etihad Credit Insurance, paid rich tribute to Sheikh Mohammed being the new president of UAE and said he will lead the nation to achieve its strategic goals for sustainable social and economic progress. “On behalf of Etihad Credit Insurance (ECI), the UAE Federal export credit company, I would like to congratulate His Highness Sheikh Mohammed for being elected as the third president of the UAE,” he said.
“In line with the vision of the late President Sheikh Khalifa bin Zayed Al Nahyan and the UAE’S founding father Sheikh Zayed bin Sultan Al Nahyan, he will now lead this nation to achieve its strategic goals for sustainable social and economic progress. As the federal entity with a mandate to advance the country’s economic diversification drive and non-oil trade, ECI looks forward to making tremendous progress under his leadership to bolster the UAE export sector and prepare the country for the inevitable post-oil era,” Falcioni said.
Economy to Grow
In its latest forecast Focuseconomics, said the UAE is bound to post higher GDP growth this year after registering an impressive 3.8 per cent increase in its gross domestic product in 2021.
“Economicactivityislikelypicked up further in first quarter of 2022 as oil production rose due to further Opec+ quota increases. Along with near-decade highs in energy prices provoked by the war in Ukraine, this will have likely boosted investment and public coffers,” according to Focuseconomics report.
“This year, economic growth is seen markedly above 2021’s rebound. The acceleration will be driven by a booming oil sector, while a recovering nonoil sector should add further impetus thanks to the government’s reform agenda.
“Still, regional tensions, volatile oil prices, US monetary policy and new Covid-19 variants are key risks. Focuseconomics panelists forecast GDP to expand 5.2 per cent in 2022, which is up 0.2 percentage points from last month’s forecast, and 4.4 per cent in 2023,” the report said.
Today, we pledge allegiance to His Highness Sheikh Mohamed bin Zayed Al Nahyan, the leader of our country, and we reaffirm our loyalty to our nation and wise leadership, to attain many firsts and cement the UAE’S position as a model of excellence and success to be emulated under his wise leadership,” Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs