Abu Dhabi, 1 Nov. 2011 (WAM) - General His Highness Sheikh Mohammed bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces attended last night at the Majlis of his Palace in Al Bateen a lecture on 'combining resilience and adaptability in correcting performance of global economy'. The lecture was delivered by Dr Mohamed El-Erian, Chief Executive Officer of the Pacific Investment Management Company.
Present were H.H. Sheikh Abdullah bin Salem Al Qasimi, Deputy Ruler of Sharjah, H.H. Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman, H.H. Sheikh Tahnoun bin Mohammed Al Nahyan, the Ruler's Representative in the Eastern region, Lt. general H.H. Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Interior Minister, H.H. Sheikh Nahyan bin Zayed Al Nahyan, Chairman of the Board of trustees of the Zayed Foundation for Charitable and Humanitarian Works, H.H. Sheikh Hamed bin Zayed Al Nahyan, Chief of the Abu Dhabi Crown Prince's Court, Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Higher Education and Scientific Research, Sheikh Hamdan bin Mubarak Al Nahyan, Minister of Public Works, Sheikhs, James Mancham, former President of Seychelles, ministers, senior officials and ambassadors. Dr El-Erian said no one had anticipated the looming economic crisis, either in the United States or in Europe and the Euro-zone. He added that the GCC countries in general, and Abu Dhabi in particular, were better positioned to ride out the crisis, given their strong budgets and ability to produce and sell commodities on demand. "Abu Dhabi has the capital and capability to go for what it sees as a good opportunity for growth. Its economy has been very strong due to the comprehensive growth policy which calls for engaging the whole community in the process of development, while Western economies failed to deliver and awarded the rich at the expense of others."He urged the West to learn from Abu Dhabi success in achieving comprehensive growth and social justice. "Politicians in the West resorted to the taxpayer to save financial institutions as the only way to revitalize economy and create new jobs," he added.Copyright Emirates News Agency (WAM) 2011.
