December 11, 2023

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With new management positions, Abu Dhabi Govt Council to hurry up UAE’s ‘financial transformation’

5 min read

Dubai: Abu Dhabi and the UAE have launched into a subsequent section of financial development as a brand new technology takes on prime positions on the federal and emirate ranges.

These leaders will carry ‘technocrat’ abilities to their present positions given the huge expertise they possess each on the authorities degree and within the company house. That is what’s wanted because the UAE makes that gradual transition in the direction of being a multi-layered economic system and never one simply reliant on vitality.

Below the adjustments, Sheikh Mansour bin Zayed Al Nahyan, the Deputy Prime Minister and Minister of the Presidential Courtroom, turns into the nation’s second Vice-President alongside His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

Sheikh Khaled bin Mohamed bin Zayed turns into the Crown Prince of Abu Dhabi, who can even oversee a restructured Abu Dhabi Govt Council.

Sheikh Hazza bin Zayed Al Nahyan and Sheikh Tahnoun bin Zayed Al Nahyan have been named Deputy Rulers of Abu Dhabi.

Abu Dhabi’s better transition

The adjustments are manifest throughout a interval when ‘Abu Dhabi’s balance-sheet will stay very sturdy and its internet creditor place very giant for the foreseeable future’, in line with the credit standing company Moody’s, which lately assigned the emirate with long-term native and overseas foreign money issuer scores of Aa2.

Majid Jafar

The brand new appointments of the UAE Vice President and Crown Prince of Abu Dhabi will proceed to maintain financial development within the UAE, particularly contemplating the milestones already achieved by the petroleum and vitality sector. Below the leaders’ imaginative and prescient, the UAE will proceed to undertake the newest applied sciences and greatest practices to champion carbon initiatives that serve for example to the remainder of the world

– Majid Jafar, CEO of Crescent Petroleum

These in flip ‘present important coverage buffers and shock absorption capability’ for Abu Dhabi, extra in order it pursues an financial diversification and growth technique. And with a Internet Zero goal for the UAE by 2050.

Whereas oil costs will undergo ‘routine’ cycles, “Abu Dhabi’s hydrocarbon endowment and low price of manufacturing, mixed with its steadiness sheet measurement and efficient establishments, assist mitigate these credit score challenges,” Moody’s added.

Primed for extra development

In a press release, M.A Yusuff Ali, Chairman and Managing Director of Lulu Group, mentioned: “I want to placed on report my heartiest and honest congratulations to HH Sheikh Mohamed bin Zayed Al Nahyan, President of UAE on the brand new management appointments within the UAE and the Emirate of Abu Dhabi, which can steer this nice nation to a extra stronger and affluent future.

I pray to Almighty God to bestow blessings upon the visionary management to take UAE in the direction of better heights and prosperity in all spheres.

– M.A Yusuff Ali of Lulu Group

Enterprise, company backgrounds

UAE enterprise sources additionally pointed to the backgrounds that among the new appointments have had, which incorporates Sheikh Mansour’s position at English Premier League’s supernova membership Manchester Metropolis. And naturally, he’s the Chairman of Emirates Funding Authority and Vice-Chairman of Mubadala.

“We applaud the appointment of recent leaders and their assignments, which can improve the UAE’s international rating in numerous sectors and instill confidence and belief,” mentioned Omar Al Mulla, CEO of Osool Investments. “The introduction of recent legal guidelines and laws, advances within the capital markets, and the growth of listed belongings have put the UAE’s capital markets on the world’s radar.

We’re assured that we’ll see extra outcomes and an inflow of overseas direct funding below the steering.

– Omar Al Mulla of Osool Investments

Oil’s regular hand on the until

By means of the near- to medium-term, oil costs ought to stay ‘supportive’ of Abu Dhabi and UAE’s ambitions. Not simply that, the ‘continued enchancment in Abu Dhabi’s internet creditor place is resilient to considerably decrease oil costs, even with ongoing oil manufacturing cuts dampening actual GDP development’, says Moody’s.

“The affect of financial diversification tasks is prone to be felt solely within the medium to long run given the preeminent position of hydrocarbons within the economic system.”

The brand new construction will speed up financial development within the UAE, strengthening its financial place globally, contributing to revitalizing numerous financial sectors and fields, supporting entrepreneurs and traders to launch new tasks, and selling upcoming tasks

– Main Tom Louis, CEO of Response Plus Holding

However what oil value (presently at $78 a barrel) and demand patterns present is that the native economic system has the flexibleness to set targets on financial transformation – after which go forward and meet these medium- to long run objectives.

‘Nice confidence’

Abdulaziz Ahmed Al Shamsi

The brand new positions are an expression of the good confidence that our management locations of their Highnesses to make sure the continuation of progress and prosperity. Our leaders are the stronghold and the safety protect of the UAE amongst nations.

– Abdulaziz Ahmed Al Shamsi, Director-Normal of Sharjah Actual Property Registration Division

Walid Al Hashimi

As they start their new assignments, we’re assured that they are going to lead the nation to realize additional milestones, gaining the belief of nationwide and overseas traders as they embrace the UAE as their residence from residence.

 – Walid Al Hashimi, CEO of Sharjah Holding

Oil retains offering the cushion

The adjustments to Abu Dhabi’s financial and enterprise panorama will maintain exhibiting up. However by all such transitions or extra main transformations, there might be one true fixed – oil.

Shwan Ibrahim Taha

We’re assured that the brand new appointments might be in the most effective pursuits of the UAE and your entire Arab world. The UAE leads by instance concerning points corresponding to prosperity, safety, and tolerance because it resiliently adapts to quickly altering international economies. Within the final couple of years, we’ve witnessed outstanding development in capital markets within the UAE, which signifies the management’s intention and dedication to increase UAE markets.

– Shwan Ibrahim Taha, CEO, Rabee Securities

“Abu Dhabi’s very low price of manufacturing and really substantial hydrocarbon endowment signifies that the emirate is prone to be among the many final producers standing even in an accelerated carbon transition state of affairs,” says Moody’s. “And offers the emirate an extended window than many different hydrocarbon producers to implement its diversification plans.”

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