UAE's investment environment stable

Abdulla Al Saleh during the inaugural speech of the Dubai Global Convention on Tuesday. V. K. Sharma, chairman, Life Insurance Corporation of India; B. Sriram, MD, State Bank of India; Lt-Gen J. S. Ahluwalia, PVSM (retd), president, Institute of Directors, India; and Navdeep Singh Suri, ambassador of India to the UAE. - Photo by Shihab

The UAE is working on improving its investment environment and offerings by completing a number of mega infrastructure projects, Abdullah Al Saleh, Undersecretary, Ministry of Economy, said on Tuesday.
"For instance, we have allocated more than $27 billion towards expanding our airports. The UAE continues to leverage its strategic location and advanced infrastructure to develop its import and export capabilities and be a gateway to 2.2 billion consumers in the Middle East region and a solid base for businesses to tap into European and African market," Al Saleh said in his opening address at the Dubai Global Convention and Golden Peacock Awards Presentation of the Institute of Directors.
Al Saleh added: "One of the biggest advantages of our developed investment environment is the ability to offer a uniquely secure and politically stable environment. "All this has been possible because we have innovative leaders who have a vision for the future and are not looking for just immediate success. Good leadership is about mentoring, guiding, coaching and leading from behind. In doing so you give people the opportunity to develop, innovate and contribute to the success of the overall organisation."
He said while oil-exporting countries face significant challenges as a result of global economic turbulences and falling oil prices, the UAE continues to achieve new levels of economic growth. "This comes as a direct result of the UAE wise leadership's forward-looking vision and its precise predictions of the region's developments which contribute in facing growing global economic challenges, through developing and putting in place prudent financial policies and sound economic methodology that promotes sustainable economic growth."
He said innovation is a major pillar in advancing the UAE's economic development and is at the heart of good government policies aimed at making the country among the top 10 countries in the world on the Global Innovation Index.
Al Saleh, said the UAE is the first among Arab countries and 41st worldwide in terms of overall performance on the Index, up from second in the Arab World and 47th globally in 2015.
"Conventions like these contribute enormously to boost our bilateral relations and provide us with a launch-pad to take our long-standing synergies to new heights. The UAE attaches great importance to strengthening its economic, trade and investment partnership with India," he said.
Al Saleh said the strong UAE-India ties are the result of the political will articulated by both governments and their sustained efforts to work together for the mutual benefit of our people.
 "Trade and business is the mainstay of UAE's economy and no one understands the importance of leadership more than us, when it comes to innovation and growth.
 "Since its inception in 1971, the UAE has constantly been distinguished as an icon for innovation and creativity, enhancing its social and economic status and transforming into a primary destination for businesses. Believing that innovation is the future of human investment, the UAE leadership emphasizes its importance across all sectors through the UAE Vision 2021," Al Saleh said in his inaugural address.
The UAE is investing heavily in smart services, as part of the vision of UAE's leadership, and to support private sector development, he said.
The UAE's leadership has played an instrumental role in creating an innovation fuelled economy and their persistent commitment is clearly evident from the country's ambitious 'Vision 2021' and 'National Innovation Strategy' that was launched in 2014. As part of this strategy, the UAE government identified 7 priority sectors including Renewable Energy, Transport, Education, Health, Technology, Water and Space. Further, the government also plans to roll out 30 major initiatives within a three-year period, in the optic of fostering innovations in these sectors.
Al Saleh said any successful business leader recognizes that delegation is essential. "In the UAE, the leaders believe in a trickle-down effect, whereby their vision and thoughts are spread across various levels and government departments have the responsibility to ensure that this vision is put into practice. This has led to building leaders for future enterprises. We must remember that the leaders set the tone for growth and if leadership isn't forward-thinking, employees certainly won't be." - issacjohn@kahleejtimes.com