Biden a better prospect for Mideast economies, say UAE businessmen

Democratic candidate Joe Biden, who appears to be the frontrunner in the US elections, would be able to de-escalate trade tensions with China and is a better prospect for the Middle East region’s economies, a number of the UAE’s top businessmen say.

They noted that Biden has more predictable nature on global issues and conflicts, which would fuel less uncertainty for the economies and markets across the globe.

Biden’s bid for the White House against Republican President Donald Trump has markets taking a wait-and-watch approach.

Anis Sajan, managing director of Danube Group, said going by poll estimates, Biden seems to be the clear frontrunner.

“I do wish that those estimates come true. In the past four years, Trump has been a major cause for heightened levels of volatility in global economics and geopolitics and the need of the hour is stability, which I believe a Biden can bring to the world and to this region,” added Sajan.

“Biden has his task clearly cut out — not only in terms of dealing with Covid-19 but also de-escalating trade tensions with China, solving border issues with Mexico, addressing security concerns with Iran and reversing the immigration policies that have caused a vacuum of talent in America,” he said, adding that America, being an economic powerhouse, possesses the capacity to stimulate global growth during this crucial time.

“I remain hopeful that America under Biden will be a responsible power, a power that other countries look up to.”

Ali Rao, group CEO of Elixir Holding Dubai, said though it looks Biden is more popular than Trump but in 2020, there is higher uncertainty due to candidates’ response to the coronavirus pandemic and Trump’s last-minute campaign maneuvering. “Observing Trump’s tenure of abrupt policy changes and involvement in international conflicts, Biden is definitely a better prospect for Middle East economies,” said Rao.

“The US, under the new president, needs to overhaul policies which bring peace in the world, rather than radical conflicts for vested interests... in short, the US needs to shun the policy of conflicts and start resolving issues in a peaceful manner.”

Kamal Vachani, group director of Al Maya Group, said the UAE and the US have enjoyed great relations and diplomatic ties since 1974 and this relation will continue and strengthen in the future.

“Any policies that the US government takes, it impacts the global economy. And any movement in global economy is linked to all the regions, including the Middle East. We hope that the next US president will take business-friendly measures that will support faster global and regional economic recovery. Any faster movement in global economy results in rise in oil prices and it directly benefits the oil-exporting region,” said Vachani.

— waheedabbas@khaleejtimes.com