The UAE has what it takes to navigate turbulence successfully, Allianz chief economic adviser Mohamed El-Erian has said.
Speaking at an event organised by the UAE Ministry of Foreign Affairs on the sidelines of the UN General Assembly in New York, Mr El-Erian hailed the country for its handling of the regional conflict that has disrupted global energy supplies and commodities trade and commerce.
According to a recent survey by the World Economic Forum, the war in the Middle East, now in its seventh month, is of particular concern and could create serious economic headwinds over the next 12 months.
While the broader Middle East and North Africa region is among the most vulnerable areas in terms of its capacity to withstand future shocks, the outlook for the UAE is different.
"The UAE has navigated the turbulent period we have seen this year remarkably well and has the attributes to navigate what lies ahead successfully," said Mr El-Erian.
He cited three attributes of the UAE that helped it navigate uncertainty: resilience, optionality and agility. "The UAE has demonstrated all three," Mr El-Erian said in the discussion.
"It has shown resilience by absorbing shocks, recovering quickly, and continuing to move forward. It has demonstrated optionality through an open-minded approach that draws on expertise wherever it can be found. And it has also shown agility by moving quickly and adapting to changing circumstances," he continued.
The conflict in the Middle East has reverberated globally, causing an energy shock and economic slowdown. Despite the disruption, the UAE's non-oil private sector has continued to bounce back, with business activity climbing at its fastest pace since December 2024 in August, as companies shook off the impact of the war.
The country is now focused "not simply on maintaining momentum, but on accelerating it", said Badr Jafar, the UAE Special Envoy for Business and Philanthropy. He added that the country's economic resilience and strength are "grounded in strong fundamentals, global connectivity and institutional depth".
“Everything discussed here today signals the approach that the UAE has already chosen, to remain open and connected when the world chooses to turn inward,” Mr Jafar told The National. "Through a turbulent year in our region, the quiet work of keeping goods, capital and people moving when it would have been easier to pull up the drawbridge, as they say, comes from who we are."
