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DUBAI: Abu Dhabi and the UAE have embarked on the next phase of economic growth as a new generation assumes top jobs in the Federation and Emirate.
These leaders will bring “technocratic” skills to their current positions, given their extensive experience at the government level and in the corporate arena. This is what the UAE needs as it gradually transitions to a multi-tiered economy rather than relying solely on energy.
In line with these changes, Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Presidency, and Sheikh Mohamed bin Rashid Al Nahyan, Vice President, Prime Minister and Ruler of the UAE, His Highness Maktoum together became the country’s second vice president of Dubai.
Sheikh Khalid bin Mohamed bin Zayed became Crown Prince of Abu Dhabi, who will also oversee a restructured Abu Dhabi Executive Council.
Sheikh Hazza bin Zayed Al Nahyan and Sheikh Tahnoun bin Zayed Al Nahyan were named deputy rulers of Abu Dhabi.
Bigger shifts in Abu Dhabi
The changes are evident during a period when “Abu Dhabi’s balance sheet will remain very strong and its net creditor positions will be very large for the foreseeable future,” according to credit rating agency Moody’s, which recently rated the The emirate has been assigned a long-term local and foreign currency issuer rating of Aa2.
The new appointments of the UAE Vice President and Abu Dhabi Crown Prince will continue to sustain the UAE’s economic development, especially given the milestones already achieved in the oil and energy sector.Under the leadership’s vision, the UAE will continue to adopt the latest technologies and best practices to support carbon initiatives, setting an example for the rest of the world
-Majid Jafar, CEO, Crescent Petroleum
These in turn “provide important policy buffers and shock-absorbing capacity” for Abu Dhabi, especially as it pursues its economic diversification and expansion strategy. UAE to achieve net zero goal by 2050.
Moody’s added that while oil prices would go through “usual” cycles, “Abu Dhabi’s hydrocarbon reserves and low production costs, combined with the size of its balance sheet and effective institutions, help mitigate these credit challenges. “
Get ready for more growth
MA Yusuff Ali, Chairman and Managing Director of Lulu Group, said in a statement: “I would like to extend my condolences to His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, on the appointment of the UAE’s new leadership. Sincere congratulations to the Emirate of Abu Dhabi for leading this great country into a stronger and more prosperous future.
I pray Almighty God to bless the visionary leadership that will take the UAE to greater heights and prosperity in all areas.
– Yusuff Ali, MA, Lulu Group
business, corporate background
Emirati business sources also pointed to the context of some of the new appointments, including Sheikh Mansour’s role at Premier League supernova club Manchester City. Of course, he is also Chairman of the UAE Investment Authority and Vice Chairman of Mubadala.
Omar Al Mulla, Chief Executive Officer of Osool Investments, said: “We applaud the appointment of new leaders and their mandate, which will improve the UAE’s global ranking in various fields and instill confidence and trust.” “The introduction of new laws and regulations, The advancement of the capital market and the expansion of listed assets have brought the UAE’s capital market to the world’s attention.
We are confident to see more results and an influx of foreign direct investment under the guidance.
– Omar Al Mulla of Osool Investments
Steady hand of oil at cash register
In the short to medium term, oil prices should continue to “support” the ambitions of Abu Dhabi and the UAE. Not only that, Moody’s said, “Abu Dhabi’s continued improvement in net creditor positions has been resilient to somewhat lower oil prices, even as ongoing oil production cuts dampen real GDP growth”.
“Given the prominent role of hydrocarbons in the economy, the impact of economic diversification projects may only be felt in the medium to long term.”
But oil prices (currently at $78 per barrel) and demand patterns suggest that local economies have the flexibility to set economic transformation goals and then continue to achieve these mid- to long-term goals.
“very confident”
The new position expresses the enormous confidence our leadership has in their Royal Highnesses to ensure continued progress and prosperity. Our leaders are the UAE’s stronghold and security shield among nations.
– Abdulaziz Ahmed Al Shamsi, Director, Sharjah Real Estate Registry
As they embark on their new missions, we are confident they will lead the country to more milestones and win the trust of domestic and foreign investors as they call the UAE home.
– Walid Al Hashimi, CEO, Sharjah Holding
Oil keeps providing buffer
Changes in Abu Dhabi’s economic and business landscape will continue to emerge. But in all of these shifts, or more significant ones, there will be one real constant — oil.
We are confident that the new appointment will be in the best interest of the UAE and the entire Arab world. The UAE is adapting to a rapidly changing global economy by leading by example on issues of prosperity, security and tolerance. Over the past few years, we have witnessed significant growth in the UAE capital market, which demonstrates the leadership’s intention to expand into the UAE market.
– Shwan Ibrahim Taha, Chief Executive Officer, Rabi Securities
“Abu Dhabi’s very low production costs and very rich hydrocarbon reserves mean that even in an accelerated carbon transition, the emirate could become one of the last producers,” Moody’s said. “And gives the emirate longer than many other hydrocarbon producers to implement its diversification plans.”
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