Gulf News - Sheikh Mohamed will build on UAE economy’s legacy strengths, and create new ones

Dubai: Build on the UAE’s hard-won strengths, and then add lots more to the mix. That would be the gameplan His Highness Sheikh Mohamed bin Zayed Al Nahyan would work on as he takes the mantle of being the UAE’s third President.

There are some obvious strengths that could be worked on to realise their full potential.

The UAE as a global financial hub, including one that will support the evolution of crypto-assets and the supporting Blockchain technology. Of course, with a regulatory framework already being put in place.

Build on the UAE’s existing strengths as the nerve-centre for trade, and use those very strengths in infrastructure elsewhere in the region through new ports and terminals.

Reaffirm the UAE’s credentials as an industrial powerhouse by creating a new set of manufacturers who would use availability of capital and land to pursue their ambitions, whether that be in energy sector or outside of it.

Have an open-door policy for startups and the brains behind them, and they too will be welcomed with all the support they will need to have those ideas find traction, as well as the markets for those services.

Re-assert the UAE as a destination for the world to travel to -- and, when that decision is made, to stay on, whether that is in the destination-islands of Saadiyat or Yas in Abu Dhabi, the glitzy towers and mansions in Dubai, the emerging communities in Sharjah, or the tranquil surroundings in Ras Al Khaimah or Ajman.

Keep spreading the word and the supporting technology in renewables or clean energy, whether that’s building massive solar power plants or setting off in the pursuit of blue/green hydrogen and the clean energy it can provide future generations. (Keep an eye out on Ta’ziz, a state-of-the-art complex that will be integral to the UAE’s medium-term aspirations in the industrial space.)

Keep spreading UAE’s knowhow and financial muscle in markets, near and far, whether that is through the wealth funds ADIA and Mubadala, the renewable energy creator Masdar, and investment giants ADQ, IHC, Alpha Dhabi and Aldar.

All the while, keep using the UAE’s original source of its past and present strengths - oil - to find and fund a new generation of wealth creators. And create jobs, for UAE’s Nationals and others alike.

Here are what some experts and industry leaders have to say:

Our beloved nation has begun a new chapter in its history after electing His Highness Sheikh Mohamed bin Zayed Al Nahyan as President, who will continue the path of the late Sheikh Zayed bin Sultan Al Nahyan and lead our nation to many more achievements. Today, 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.

- Mohamed bin Hadi Al Hussaini, UAE Minister of State for Financial Affairs

His Highness is a statesman who has deep-rooted personal relationships with almost all regional and world leaders, and that surely will further help the UAE be a global leader in economic development. I have always admired his vision of inclusiveness, especially in creating a conducive environment for investments and the true empowerment of youth.

- M.A. Yussuf Ali, Chairman of Abu Dhabi-headquartered

LuLu Group

The UAE economy can anticipate continued growth in a diverse range of industries. This diversity, based on a strong foundation, has created huge opportunities for investors, transforming the UAE into one of the safest economic ecosystems of the world.

- Waleed Al Sayegh, CEO of Sharjah Asset Management

Sheikh Mohamed had been actively involved in realigning the business priorities of the country for over a decade. His strategic thinking that the UAE must look beyond oil and gas for sustainability has resulted in focus on a diversified economy. Encouraging the startup culture, and bolstering research and innovation, have been some of the trends that are also visible. His Highness has been paving the way for international trade agreements, which is opening the doors for easier investments into the UAE and helping sovereign funds and local businesses expand into other countries.

- Dr. Azad Moopen, Chairman and Managing Director of Aster DM Healthcare

In a relatively short time, the country distinguished itself by having created a thriving economy and an environment that helps businesses grow. I am confident that the focus on sustainability and openness to new technologies like cryptocurrency and Blockchain combined with recent changes including the rules of ownership of businesses, longer-term visas, unemployment benefits, etc. will make the Emirates an attractive option for foreign investment.

- Peter Maerevoet, Global CFO and Regional CEO for Asia at Tradewind Finance

The new President had elaborately identified his economic priorities well ahead of being elected to this position. I will point to the CEPA deals, which have brought a lot of excitement to the business communities of UAE and India - and more nations will follow. Making India a hub for storing oil is another step that has created mutual confidence. This way the UAE gets a market of over 1.25 billion people and India gets a well-structured window to the world with high-class infrastructure.

- Ram Buxani, Chairman of ITL-Cosmos Group

The new President takes over as the UAE expects to witness a surplus in its federal budget from the increase in oil prices, and proceeds from various sources such as the strong infrastructure, investment opportunities, and competitive laws that encourage business. Many businesses will shift to the UAE from various sectors and this will reflect positively.

- Omar Ayesh, Chairman of Nobles Investment

Trade and economic relations are poised to grow and expand in view of the UAE’s robust trade policy in line with the directives of the President and the Prime Minister. The UAE would continue its progressive journey towards greatness as it becomes one of the fastest growing economies of the world. In line with Sheikh Mohamed’s vision, the UAE is perfectly positioned as the global hub for the future of business with digital transformation at its core.

- Javed Malik, former Pakistan Ambassador and Chairman of Diplomat Business Club Dubai

The UAE has prioritised the expansion and improvement of the health sector and that is helping shape the country into the Middle East’s medical tourism hub. Sheikh Mohamed has always emphasised the importance of human capital development and self-reliance as the cornerstones of development for the UAE. He played a major role in making the country’s healthcare sector one of the most modernised and advanced in the world.

- Dr. Shamsheer Vayalil, Chairman and Managing Director of VPS Healthcare

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 Sheikh Mohamed bin Zayed Al Nahyan and our beloved nation.

- Younis Haji Al Khoori, Undersecretary at the UAE Ministry of Finance

The prowess he exhibited in Abu Dhabi’s economic transformation will now result in the country becoming the tech and knowledge hub to the world. The initiatives such as Golden Visa and 100 per cent foreign ownership in businesses will give great impetus. And it was the cordial relationship between Sheikh Mohamed and Indian Prime Minister Narendra Modi that accelerated the Comprehensive Economic Partnership Agreement, which is estimated to benefit almost 90 per cent of the products exported and 80 per cent of trade lines from India to UAE. Similar treaties are in the pipeline with other major economies in the region.

- Raju Menon, Chairman and Managing Partner at Kreston Menon

The UAE’s commitment to commercial developments in the region and beyond has been noticeable to the world. Recent initiatives on improving standards of governance in commercial activities - such as introducing ‘Go AML’ - are helping the business community get acceptance in the international arena. We seek more and more such initiatives from the government to establish this country as the centre-point for businesses in the world, like we are enjoying in the area of gold and jewellery industry.

- Abdul Salam K.P., Vice-Chairman of Malabar Gold & Diamonds

His Highness has been building strong bilateral ties with various nations. This will lead to enhanced business opportunities and overall economic development. The priority will be to strengthen the economic policies, resulting in more opportunities for citizens… and expats.

- Dr. Dhananjay Datar, Chairman and Managing Director of Al Adil Group

The UAE boasts one of the world’s most successful - and sustainable - tourism sectors. The country, under Sheikh Mohamed, can continue to expect to see major advancements in the tourism and hospitality sectors and raise its status as a destination for explorers and families alike.

The UAE boasts one of the world’s most successful - and sustainable - tourism sectors. The country, under Sheikh Mohamed, can continue to expect to see major advancements in the tourism and hospitality sectors and raise its status as a destination for explorers and families alike.

- Dr. Ahmed Samerai, UAE-based investor

Today represents a new era for the country, in which we look forward to a great journey, one that is ripe with economic growth, new collaborations and partnerships. The UAE has always set new benchmarks in innovation and entrepreneurship across all sectors, and we continue to look forward to such new initiatives.

- Nidal Abou-Ltaif, President of Avaya International

Sheikh Mohamed is instrumental in driving the UAE’s economy in non-oil sectors like tourism and healthcare. His vision in creating a world-class infrastructure has helped UAE become a significant destination for foreign investment and a startup hub in the region.

- Neelesh Bhatnagar of NB Ventures

The last year has seen a spate of listings of state-owned companies on ADX, which shows the UAE’s willingness to accept foreign capital and grow home-based national champions. In essence, the modernisation of its institutions will continue aggressively. Sheikh Mohamed bin Zayed played an active role in the Hope orbiter, which was part of the Emirates Mars Mission, evidence of his risk-taking ability and willingness to embrace technology to further the country’s growth. UAE’s decision to host the 28th Conference of the Parties (COP28) in 2023 should also be seen in this light.

- Bal Krishen, CEO of Century Financial

Sheikh Mohamed has made the UAE the most competitive and attractive market for FDI in the Middle East. As President, he is sure to continue his vision of diversification of the economy and growing non-oil sectors by supporting start-ups and small businesses. He will lead the UAE into a future based on a unified strategy placing human capital as the true wealth and the most critical pillar of the economy.

Sheikh Mohamed has made the UAE the most competitive and attractive market for FDI in the Middle East. As President, he is sure to continue his vision of diversification of the economy and growing non-oil sectors by supporting start-ups and small businesses. He will lead the UAE into a future based on a unified strategy placing human capital as the true wealth and the most critical pillar of the economy.

- Bharat Bhatia, CEO of Conares

Known for his corporate-style governance that comes from his defence background, he is expected to dramatically charge the country’s business climate just as he has done over the years to the Abu Dhabi economy. In the bargain, the UAE will become a truly international destination for setting up new businesses, competing with the likes of New Zealand, Singapore and Denmark.

- Ali Rao, CEO of Elixir Establishments

The biggest impact of the UAE’s historic signing of the Abraham Accords with Israel since September 2020 has been on trade and commerce between the two countries. Sheikh Mohamed bin Zayed is the force behind some game-changing moments, such as the Abraham Accords. He knows how to open closed doors and foster old ties, especially when it comes to business and the economy. And that only means one thing - increased confidence among new investors looking to start operations here.

- Robin Philip, Director of A&A Associate