Strong and viable

The UAE has set new horizons to reach as it proudly celebrates its National Day on December 2. It is the second largest economy in the Arab world, and is busy scaling new heights of success. Phenomenal growth and institutional confidence are its tangible assets, as it leads from the front for a secure and durable tomorrow. The country has an organic economy, and has been customised in the most competitive manner. Its biggest strength is diversification, and it is exploring all avenues to make it robust and an unbeatable economy. This diversification aspect of the economy makes the country a hotspot for corporate and financial interactions. Sustainability, modernisation and technological superiority are the country's hallmarks, and the visionary leadership deserves credit for laying the foundations of a welfare state.
The corporate sector in the UAE is a booming and enterprising venture. It has an outstanding role on global economy, as well. This is why banks and financial institutions in the UAE are floating with liquidity, and are apt financers for small-medium investments (SMEs) and big-ticket projects, likewise. Banks in the UAE trust their clients and offer them credit facilities unseen in any other part of the world. Moreover, they offer tailor-made finances, and are in great demand in the region and beyond. It embodies competition and fair play as fundamental ingredients of collective responsibility.
The UAE has a positive outlook and business conditions are most favourable for long-term returns. Stability and administrative prudence act as the fountain for confidence in the economy. World-class infrastructure, significant financial reserves and a peaceful environment have led it from strength to strength. The country has set lofty goals as it marches on the path of advancement and nation building. It is destined to reach the Red Planet (Mars) in 2021, and further streamline a socio-economic mosaic that proudly encompasses more than 200 nationalities as their second home. It has a diversified economic strategy, which swirls out talent and nourishes human resources for big businesses.
As the UAE gears up for tax regulations, by implementing Value Added Tax (VAT), in order to further streamline its business operations, the economy is poised for a new orientation. It will be an uphill task for corporate, multinationals, and small and medium scale businesses to adapt to new regulations, but at the same time it will be a win-win affair as dividends would be forthcoming. The state and the private sector will be further integrated, and the business environ will see many new opportunities, as the UAE is home to some of the great fortune-makers in regional and global economy.
Likewise, real estate sector is poised for a momentous growth. The technical correction that has taken place in the prices of property in the last couple of years, followed by a marginal decline in demand, is an indicator of continued faith in the industry by investors. The market will see rental corrections, especially in Dubai and Abu Dhabi, leading to more occupancy rates. Construction activity and sale proceeds, nonetheless, are on the rise. Big projects are nearing completion as Dubai gears up for the Expo 2020.
It is estimated that real estate tycoons are seized with projects worth more than Dh3 billions, which is huge economic activity at a time when the region is in turmoil. All under-construction projects are heading towards completion and liquidity isn't a problem. Moreover, during the years 2015 to 2016, thousands of new deals were booked in several upper middle class and posh district of buzzing Dubai. This confidence of the investor is leading to a mushroom growth process in other sectors such as tourism, hospitality and retail. Moreover, with oil prices moving towards stability and a surge in demand, the UAE has posted a robust growth index, much better than many of its regional and international competitors.
Stability and consistency are the two prime factors, apart from a visionary leadership, that has helped the UAE march towards glory and modernisation. The country is self-sufficient in energy and its defense is impregnable. It enjoys strategic understanding with its neighbours and is a vocal advocator of peace in the region. Its special relationship with many of the major powers, including the United States and China, has blessed its economy with a new competitive edge, making it a preferred destination for millions of visitors and investors.
The UAE's destiny is to become the world's best, and it is striving for it earnestly. The good point is that the country and its leadership keep on raising the bar for development. The country is ranked 1st among Arab countries, and 8th globally, in smart electronic services index. Dubai and the UAE have a passion for smart cities, smart transportation and smart technological advancement. This is why the country has not only digitalised its economic and administrative database, but also endeavours to make it apt and accessible.
Pro-sustainable growth policies provide it with an edge in the fields of communications, logistics, infrastructure and human development. E-governance remains a focus area, and this includes e-recreation. With focus on excellence, the UAE is never far away from becoming an ideal welfare state.

THE SUCCESS STORY

Within a span of 46 years, it has made a mark for itself. It is an inspiring power, and a force to be reckoned with. It is truly emerging as a preferred global hub for trade, industry, retail, tourism, banking and an attractive destination that showcases international best practices. With the world's sixth largest proven oil reserves and the fifth largest natural gas reserves, the country is a critical partner and responsible supplier in global energy markets.  
The transformation of UAE from a confederation of small tribal states to an important player in regional and international affairs is remarkable. The vision of the leadership helped unify the country and in no time it emerged as one of the world's most open, tolerant and successful societies.
The UAE is rightly hailed as a progressive nation that affords both the means and platform for entrepreneurship and innovation. The UAE is, indeed, a role model in the Middle East.
As the leadership looks forward for an integrative and supra-developed society, sky is the limit for the UAE. The expatriates and the citizens are together in this grand venture of making the UAE second to none, and the march towards stability is destined. The Vision 2021, as well as the landing on Red Planet, or holding Expo 2020, will soon be footnotes in history, as the leadership and the nation plans and executes even bigger ventures.
The UAE's destiny is to become the world's best, and it is striving for it earnestly. The good point is that the country and its leadership keep on raising the bar for development. The country is ranked 1st among Arab countries, and 8th globally, in smart electronic services index.
The UAE has stood fast and made strides in all walks of life. Economic diversification is its new thrust, and it has a strategy to excel. The seven emirates, by pooling their resources, are registering new successes. This is the Spirit of the Union.
- mehkri@khaleejtimes.com

• Dubai