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Abu Dhabi / Emirates Business
The UAE witnessed significant economic progress in 2016, with many of its vital sectors accelerating at a substantial rate. The country also made major strides in achieving important socio-economic developments in line with the directives of HH Sheikh Khalifa bin Zayed Al Nahyan, UAE President; HH Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai; HH Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces; and Their Highnesses the Sheikhs, members of the Supreme Council and Rulers of the Emirates.
These accomplishments were in line with UAE Vision 2021 designed to build a sustainable, diverse and globally competitive economy driven by UAE Nationals who are equipped with world-class knowledge and innovative skills.
HE Eng. Sultan bin Saeed Al Mansouri, Minister of Economy, said: “During this challenging year, the UAE economy has maintained its growth and high competitiveness thanks to the directives of our wise leaders and clear government vision under which goals, plans and initiatives were developed.
Accordingly, important efforts are continuously being launched to reach our targets within the framework of a world-class system designed specifically for economic and societal advancements and promotion of transparency, excellence and innovation in our institutions and among individuals.â€
“The UAE has remained advanced thanks to its capability to reduce the effects of many economic variables such as the relatively low prices of crude oil, particularly in the Middle East, where oil export remains the backbone of several economies. The UAE has also shown resilience despite a major global economic slowdown, decline in the number of emerging economies, and trade and investment instability in some parts of the region,†the Minister added.