UAE has what it takes to withstand future shocks, says renowned economist
The UAE has what it takes to navigate turbulence successfully, Allianz chief economic adviser Mohamed El-Erian has said. Speaking at an event organised by the UAE Ministry of Foreign Affairs on the sidelines of the UN General Assembly in New York, Mr El-Erian hailed the country for its handling of the regional conflict that has disrupted global energy supplies and commodities trade and commerce.…
Renowned economist Mohamed El-Erian, the chief economic adviser at Allianz, praised the United Arab Emirates for its ability to successfully navigate recent turbulence. El-Erian made these remarks during an event organized by the UAE Ministry of Foreign Affairs at the UN General Assembly in New York. He commended the country's handling of the ongoing regional conflict that has disrupted global energy supplies and trade.
According to a recent World Economic Forum survey, the Middle East conflict, now in its seventh month, poses significant economic risks for the coming year. While the broader Middle East and North Africa region is among the most vulnerable to future shocks, the UAE stands out as an exception.
El-Erian highlighted three key attributes that have enabled the UAE to handle uncertainty effectively: resilience, optionality, and agility. The UAE has demonstrated resilience by absorbing shocks, recovering quickly, and continuing to move forward. It has shown optionality through an open-minded approach that leverages expertise from various sources. Additionally, the UAE has exhibited agility by swiftly adapting to evolving circumstances.
Despite the global energy shock and economic slowdown caused by the Middle East conflict, the UAE's non-oil private sector has shown remarkable resilience. Business activity in the country reached its fastest pace since December 2024 in August, as companies recovered from the impact of the war.
The UAE Special Envoy for Business and Philanthropy, Badr Jafar, emphasized that the nation's economic strength is grounded in solid fundamentals, global connectivity, and institutional depth. Jafar stated that the UAE has chosen to remain open and connected in a world that may be turning inward.
Throughout a turbulent year in the region, the UAE's quiet efforts to ensure the smooth movement of goods, capital, and people, even when it would have been simpler to isolate itself, reflect its inherent character, Jafar told The National.
Written by urgent.news from The National UAE's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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