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They stressed the importance of preventing a wider escalation of the conflict, which threatens to further endanger peace and stability in the region
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UAE can Overcome Crisis by Diversifying Income Resources
DUBAI — The recent financial crisis has put financial and economic sectors all over the world in a state of urgency and anticipation. As such, analysts and decision makers are constantly debating solutions to extinguish the crisis, or at the very least, to tone down its damaging effects.
The latest of these so-called solutions has been an appeal for varied multi-national economic forces, instead of a single one. However, experts agree that the difference in countries’ economic size is what enables them to form their own strategies in order to avoid similar crisis scenarios in future.
Commenting on the UAE’s ability to overcome the current crisis, Al Hanoo Holding’s Chairman, Shaikh Abdullah bin Fahid Al Shakrah, said: “The UAE has proven, through past experiences, its ability to overcome even more ferocious crises than what is currently being experienced. The UAE has worked tirelessly over time to restore balance to the Unified Government Account after periods of feebleness and structural deficiencies resulting from petrol prices, now at $40.
“Today, the UAE has attained a surplus of Dh5.72 billion, while the GDP has risen to Dh729.7 billion. According to statistics released by the Ministry of Economy, non-petroleum sectors have had returns of Dh467.9 billion, with Dh94.5 billion for the industrial sector alone, which relates to 22pc of the GDP. These returns were made possible by diversifying our income resources.”
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