UAE doesn’t mix business with politics and health, says Al Marri

The UAE’s investment outlook for the next 50 years is very positive as the country doesn’t mix business with politics, senior UAE officials said at the World Government Summit on Monday.

Helal Al Marri, Director-General, Dubai Department of Economy and Tourism, said investments the UAE made over the last 50 years have helped build a strong track record and confidence among global foreign companies in turbulent times when countries are grappling with Covid-19 and war in Europe with recession plus inflation looming large and the world looks a scary place to investors.

He said the UAE handles every challenge positively including Covid-19 and the country “doesn’t mix politics with business or healthcare and that brings a lot of confidence to world investors. We are seeing a great deal of interest not just in setting up headquarters but also interests from individuals making UAE their home. We are humbled with that level of confidence and we do see this continuing to grow.”

Citing a few examples, he said real estate transactions in Dubai reached 13 years high and the population has grown significantly, surpassing the pre-Covid level which shows positive trends.

While speaking during a panel discussion on the topic of “The UAE Investment Outlook: 50 Years Ahead” at the World Government Summit, he pointed out that even during the pandemic, all the people in the UAE were equally treated for vaccination.

Mohammed Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development, said there is a lot of alignment between Dubai, Abu Dhabi and other emirates and Covid was one such example where all worked hand-in-hand.

UAE says no to protectionism

Al Marri added that, unlike some other countries, the UAE doesn’t believe in protectionism and politics doesn’t guide the country’s policies and decisions. “The UAE stays ahead of curve in terms of regulatory perspective which is open, transparent and borderless and allows investors to feel safe.”

Al Marri added that the regional economies are correlated similarly to Europe.

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“If Germany does well, it’s good for France. Similarly, the UAE is fully behind Saudi plan 2030 and we work with our colleagues. People go to Maldives and Africa and when they will come to this region, they will explore the whole region.”

Mohammed Al Shorafa revealed that corporates come to the UAE because they see the value of being here, plus political stability, excellent monetary system, state-of-the-art digital platforms, 100 per cent foreign ownership and easy to access talent.

“The UAE is not only accessing talent from outside but also developing it locally. The UAE is also a springboard to the region. From the UAE, about 70 to 80 per cent world’s population is in just seven hours of flight reach,” added Al Shorafa.

• Dubai