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11 December 2023

'Projects can withstand crisis'

Sheikh Abdullah (SUPPLIED)

By Staff Writer

The UAE has demonstrated in the past its ability by overcoming the effects of global financial crises, said Sheikh Abdullah bin Fahid Al Shakrah, Chairman of developer Al Hanoo Holding.

"The country has worked tirelessly over time to restore balance to the government accounts after periods of weakness and structural deficiencies resulting from low oil prices," he said.

Al Shakrah said the UAE has attained a surplus of Dh5.7 billion while the gross domestic product has risen to Dh729.7bn.

"According to Ministry of Economy statistics the non-oil sectors have achieved returns of Dh467.9bn, with the industrial sector alone accounting for Dh94.5bn. These returns were made possible by diversifying our income sources," he said.

With a total workforce of 3.2 million and 260,000 firms, the UAE's reputation as a safe haven for investment is well deserved, Al Shakrah said.

"The resolution of the current crisis is more likely to happen here, especially with the stimulation of the financial markets and the introduction of new legislation.

"Projects here can withstand any economic problems while our maturing markets are still a major attraction for many investors," he said.