• Investment of human capital an essential pillar of economic strategies
  • Dubai’s economic growth rate projected between 2.1% and 2.3%
  • SMEs to play vital role in creating job opportunities
  • Educational reform key consideration when formulating economic policies

Dubai-UAE: – Leading economic and business experts portrayed a positive outlook for 2019 at the Arab Strategy Forum (ASF) 2018 in a session titled “Arab World Economy…What’s Next”.

Navigating the existing economic challenges facing the region, including the need to create employment opportunities, adapting to technology and fluctuating oil prices, the session posed a question: “Do economic considerations lead political decision-making, or is it the other way around?”

In response, Abdulkhaleq Abdullah, professor of political science in the UAE, highlighted that economy and politics are two faces of the same coin. However, given the impact of unexpected political changes on the economy and the oil prices, politics drives economy. He added that ending the war in Yemen will positively influence the UAE and Saudi economies.

Suhail Mohamed Al Mazrouei, UAE's Minister of Energy and Industry, shared an optimistic view for the upcoming year stating that the human element and investments in human capital should be at the core of the Arab economies’ strategic plans if the region is to realise a brighter future.

Sami Al Qemzi, Director General of the Department of Economic Development (DED), also expressed an optimistic outlook for 2019, with Dubai’s economy projected to grow between 2.1 and 2.3%, higher than the Arab average. The decisions of federal and local governments to stimulate liquidity and increase the infrastructure budget in line with the upcoming Expo 2020 will also prove a positive factor, he said. Al Qemzi further noted that in spite of the important role played by the private sector in stimulating investment, the sector is still waiting for positive indicators to mobilise.

Commenting on the current landscape facing small and medium enterprises, Abdul Basit Al Janahi, CEO of Dubai SME, said that Dubai has seen a huge reduction in the cost of establishing a new business, and as such expects a rise in the number of entrepreneurs. He also mentioned that there is a clear strategy at the federal and local levels to drive SMEs, highlighting the employment opportunities that such companies can create. On the role of the banking sector in supporting SMEs, he responded that in spite of strategic projects launched by the government, the banking sector has lagged behind.

Dr Ibtisam Al Ketbi, President of the Emirates Policy Centre, noted that an optimistic or pessimistic outlook depends on the presence of a strategic vision and highlighted the importance of prioritising the reformation of education when considering economic policies.

-Ends- 

About the Arab Strategy Forum

The Arab Strategy Forum (ASF) is a premier global platform that convenes world leaders and strategic decision-makers from the public and private sector to exchange insights on geopolitical trends that impact the world today. Held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the annual event features panel discussions and expert-led thought sessions revolving around the state of the world and the state of the Arab world.

Aimed at enabling participants to make informed decisions, navigate risks, and leverage short- and long-term opportunities, the forum analyses the current Arab and global political and economic landscape, examines conflicts and possible resolutions, and highlights events that are set to leave a lasting impact worldwide. 

© Press Release 2018

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.