UAE doing everything it can for people’s safety, business continuity, minister says

Waheed Abbas/Dubai
Filed on November 17, 2020

Security of supply chain enhanced to ensure that essential resources and equipment is available at all times.

The UAE is doing everything it can for business continuity and is very much focused on costs as well, a senior UAE official said on Tuesday.

“In the UAE, we are doing everything we can within our control to ensure safety of our people and also business continuity. At the same time, we are enhancing the security of our supply chain to make sure that essential required resources and equipment are always available at all times,” said Dr. Sultan Ahmed Al Jaber, UAE’s Minister of Industry and Advanced Technology, and group CEO of Abu Dhabi National Oil Company (Adnoc).

Al Jaber said cost is also an important piece for resilience and “we have been very much focused on cost as part of strategic transformation here at Adnoc for the past four years.”

While speaking at the Bloomberg New Economy Forum on Tuesday, Al Jaber said: “By focusing on areas like safety, sustainable supply chain and costs, we can reinforce our resilience.”

Rania Al-Mashat, Minister of International Cooperation in Egypt, and Bruce Flatt, CEO of Brookfield Asset Management, also took part in the panel discussion.

Remarkable resilience

Al Jaber said world economy has shown remarkable resilience despite massive hit from the Covid-19.

“For example, even during the height of lockdowns of March and April, the world still consumed 75-million barrel oil per day (bpd) and demand dropped below 90m bpd for just 12 weeks,” the UAE minister said, adding that Europe growth is slowing due to new Covid-19 restrictions while US recovery is extraordinary and robust despite the pandemic while Asian markets are also recovering very well.

“We need to remain cautious but there is a very good reason to be very optimistic. I believe that we will get through this much stronger and in a much healthier manner also. But what we need to do is to remain resilient and to stay focused what we can control,” Al Jaber added.

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