Sheikh Mohamed to lead UAE towards new heights of economic growth, prosperity

Country's economy to continue its journey toward diversification as new policy measures help achieve sustainable growth


Muzaffar Rizvi

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Published: Sun 15 May 2022, 6:24 PM

Last updated: Mon 16 May 2022, 7:36 AM

The UAE's economy will achieve new heights and create milestones under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, according to leading government officials.

The country will unswervingly continue to implement its comprehensive strategy and vision to build a sustainable knowledge-based economy that ensures a prosperous future for generations to come.

Top officials say the UAE economy would continue its journey toward diversification as the new policy measures will help achieve sustainable economic growth in years to come.

Referring to the latest data, they said the economy would expand at least 6.2 per cent this year despite major challenges such as the Covid-19 pandemic, global economic slowdown, and inflation. They said the economy, valued at Dh1.489 trillion in 2021, may grow even faster due to an aggressive approach, visa reforms, and consistency in economic policies.

Clear economic vision

Sheikh Mohamed's economic vision is based on accelerating the development and implementation of the country's economy for the next 50 years, striding along with the fast-paced and multifaceted changes in the global economy.

His vision is focused on relying on knowledge, innovation and investment in people, according to the official news agency Wam.

“The vision will not only enhance the role of the private sector as an active partner in the economic landscape, promoting investment incentives, and ensuring more economic diversification, but it will also continue to maximise utilisation of oil and gas resources and enhance the nation’s ability to produce more renewable and clean energy in the coming decades, according to the report.

More success ahead

Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, reposed confidence in the leadership of Sheikh Mohamed and said the UAE would achieve more success and achievements under the leadership of the new president.

“Today, we pledge allegiance to Sheikh Mohamed, the leader of our country, and we reaffirm our loyalty to our nation and wise leadership, to attain many firsts and cement the UAE’s position as a model of excellence and success to be emulated under his wise leadership,” Al Hussaini said.

Ready to accelerate

Younis Haji Al Khoori, undersecretary of Ministry of Finance, expressed similar views and said the nation will spare no efforts to realise the vision of Sheikh Mohamed.

“We congratulate those who call the UAE home on electing Sheikh Mohamed as President of the UAE. We will spare no effort to achieve His Highness’s vision in reiterating the UAE’s position as an economic, social, humanitarian, and cultural model to be emulated. We ask Allah Almighty to bless His Highness and our beloved nation,” Al Khoori said.

Dr Mohammed Salim Al Olama, undersecretary of the Ministry of Health and Prevention (MoHAP), congratulated Sheikh Mohamed on being elected as President of the UAE.

“Electing Sheikh Mohamed as President of the UAE reflects the unity and strength of the nation and reaffirms the fact the UAE is determined to forge ahead towards making greater national achievements,” Al Olama said.

He said the UAE people have placed their faith and pledged allegiance to Sheikh Mohamed thanks to his exceptional leadership qualities, which he learnt from the UAE’s founding father Sheikh Zayed bin Sultan Al Nahyan, in addition to his future foresight vision and development strategies.

“We are proud of him being our President. This will even fuel our love and loyalty to the nation and to a leader capable of taking the country towards new heights of growth and prosperity and meeting the needs of his people. Under Sheikh Mohamed’s leadership, the UAE will continue its journey towards the next 50 years to build on its renaissance and enhance its global reputation as an incubator for generosity, tolerance, brotherhood and humanity,” Al Olama said.

Achieving strategic goals

Massimo Falcioni, chief executive of Etihad Credit Insurance, paid rich tribute to Sheikh Mohamed being the new president of UAE and said he will lead the nation to achieve its strategic goals for sustainable social and economic progress.

“On behalf of Etihad Credit Insurance (ECI), the UAE Federal export credit company, I would like to congratulate Sheikh Mohamed for being elected as the third president of the UAE,” he said.

“In line with the vision of the late Sheikh Khalifa bin Zayed Al Nahyan and the UAE’s founding father Sheikh Zayed bin Sultan Al Nahyan, he will now lead this nation to achieve its strategic goals for sustainable social and economic progress. As the federal entity with a mandate to advance the country’s economic diversification drive and non-oil trade, ECI looks forward to making tremendous progress under his leadership to bolster the UAE export sector and prepare the country for the inevitable post-oil era,” Falcioni said.


Economy to grow

In its latest forecast, FocusEconomics said the UAE is bound to post higher GDP growth this year after registering an impressive 3.8 per cent increase in its gross domestic product in 2021.

“Economic activity is likely to pick up further in the first quarter of 2022 as oil production rose due to further Opec+ quota increases. Along with near-decade highs in energy prices provoked by the war in Ukraine, this will have likely boosted investment and public coffers,” according to FocusEconomics report.

“This year, economic growth is seen markedly above 2021’s rebound. The acceleration will be driven by a booming oil sector, while a recovering non-oil sector should add further impetus thanks to the government’s reform agenda.

“Still, regional tensions, volatile oil prices, US monetary policy and new Covid-19 variants are key risks. FocusEconomics panellists forecast GDP to expand 5.2 per cent in 2022, which is up 0.2 percentage points from last month’s forecast, and 4.4 per cent in 2023,” the report said.

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