Low oil prices factored in ahead of time, according to Mubadala chief

'The UAE will continue to think in decades, not months and years. Our strategic direction remains clear and our long term remains intact,' according to Khaldoon Al Mubarak, the managing director and group chief executive of Mubadala Development.

Khaldoon Al Mubarak, the managing director and group chief executive of Mubadala Development, said that innovation and partnership remain critical for the economic diversification away from oil and gas. Reem Mohammed / The National

This current period of low oil prices is not “the new norm” but instead a regular part of the economic cycle that the UAE has already planned for, according to Khaldoon Al ­Mubarak.

Speaking at the Global Aerospace Summit in Abu Dhabi on Monday, the managing director and group chief executive of Mubadala Development, the Abu Dhabi government-owned investment vehicle, told delegates that innovation and partnership remain critical for the economic diversification away from oil and gas.

“Low oil prices are not something new. It has happened before and I assure you it will happen again,” said Mr Al Mub­arak. “The UAE will continue to think in decades, not months and years. Our strategic direction remains clear and our long term remains intact.”

Industries such as aviation and aerospace – sectors in which Mubadala has significant assets, including aircraft parts manufacturer Strata – remain “key drivers of such divergence”, he said.

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