Page 461 - MOE ENGLISH PR REPORT - JANUARY 2024
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1/18/24, 3:16 PM Competition, credibility key amid geopolitical fragmentation: UAE ministers
Ahm ed Al-Zeyoudi, minister of state for foreign trade, concurred that the world
is fragmenting amidst a wave of geopolitical shocks.
But the y said the UAE’s economic diversication has not only reduced economic
susceptibility to certain shoc ks, but has aorded the country “credibility.”
Al-Olama said: “Our economy ha s really transformed itself from a purely oil
economy to one beyond thi s. We talk about articial intelligence, but we started
investing in thi s in the early 2010s, so, many years before it becoming a world
focus.”
He added: “Wha t tha t tells people is that when we say we’ll do something, we’ll
do it. People believe in us, and consequently we gain credibility.”
Such ha s been the transformation of the UAE’s position in the high-tech sphere
tha t in the past two years, it quadrupled its high-tech workforce to 120,000,
comprised of some 200 nationalities which, Al-Olama said, has provided for a
wider pool of innovation talent.
Al-Marri cautioned against a perceived rising tide of protectionism, noting that
the Gulf states ha ve proved the vitality of global competition in transforming
and growing economies.
“Loo k at the seven emirates (of the UAE). Between them the competition is
amazing, and you need thi s, particularly in the private sector, as it’s in this
competition tha t you see the creation of innovative new services,” he said.
“Thi s ethos of competition is what’s bringing a lot of people to the region. They
want to compete with one another as they know it works.”
Seeking to support hi s claim of the essentiality of competition in this moment
of he ight ened geopolitical tensions, Al-Marri said despite being in one of the
most turbulent parts of the world, the Gulf countries are forecasting a collective
5 percent gross domestic product growth in 2024.
Al-Zeyoudi said amidst the fragmentation of the global order, it is important
tha t governments do wha t the y can to buer domestic security and stability
from its eects.
“We’re continuing like thi s. We’ve managed well in the past few months. We’ve
ensured tha t international politics isn’t intervening and creating
fragmentations withi n the social sphere,” he added.
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