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Oil Price slug not new for us: UAE

Khalifa Salem Al Mansoori, undersecretary of the Department of Economic Development in Abu Dhabi, and Homaid Al Shemmari, CEO of Aerospace and Engineering Services at Mubadala were present during a panel discussion held at the two-day Global Financial Markets Forum being organised by National Bank of Abu Dhabi.

The experts said that UAE is not sidetracked by oil prices or the geopolitical situation in the region.

“This oil price slug is not new to us. Since the 1970s, late founder of this country has saved the earnings of oil in the UAE to make sure we have funds and capital investments for the future,” Al Shemmari said.

“We are not in the panic mood of looking at oil as the primary driver of economic growth,” stressed Al Mansoori.

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