web analytics
Home Business Economy

UAE is boosting its economic achievements through economic diversification


Sheikha Lubna bint Khalid Al Qasimi, Minister of Foreign Trade, has said that United Arab Emirates is working to enhance its successful economic experiences through expanding the base of economic diversification.

She noted during her meeting with officials from Trade Development Alliance in Greater Seattle [which is an alliance of a number of cities, corporations, and unions in the Greater Seattle Area] at the end of her tour of a number of U.S. states that UAE has succeeded in strategically utilizing its oil resources through building an advanced infrastructure and a diverse and advanced economy that relies on industrial and modern sectors such as renewable energy and others, pointing out to new strategic projects that are being undertaken by the state, that include a Nuclear Power Plant for peaceful purposes and a Railway network that will link a number of regional countries in the region.

The Minister added that UAE has been able to cushion and deflect most of the effects of the financial crisis through adopting sound economic policies and timely responses, thus contributing to the country’s quick recovery from some of the repercussions and effects of the crisis.

Sheikha Lubna invited US companies to invest in and “further expand [their] exploration into the dynamic UAE market and to tap into opportunities offered by the various sectors of the UAE economy” adding that the UAE has attained high global positions in various international reports, of which was the World Economic Forum’s “Enabling Trade Index”.

Sheikha Lubna underlined the importance of the strategic partnership that exists between the UAE and the USA in achieving common economic interests, adding that the UAE is considered the number one trade partner with the United State of America in the Middle East, with a volume of trade that reached $12 Billion in 2009.

She pointed out that over 100 American companies have a presence in the UAE, in addition to 30,000 American Citizens who currently reside in it.

The current trading partnership between the UAE and Washington State was strong, pointing out that trade between both sides grew from $724 Million in 1999 to $3.6 Billion in 2008, adding that commercial and investment cooperation between the UAE and Washington State contributed towards boosting economic growth on both sides.

During her visit to Seattle, Sheikha Lubna Al Qasimi conducted a number of meetings with city officials and a number of commercial and investment entities. Also present during these meetings were H.E. Juma Al Kait, the Executive Director of Foreign Trade Affairs at the Ministry of Foreign Trade and Mr. Soud Al Nuwais, the Commercial Attach at the UAE Embassy in Washington DC.

She also visited the University of Washington and took part in a roundtable discussion with a group of students and teaching staff and highlighted the development of commercial and investment relations between the UAE and the USA, pointing out to the continuous growth of bilateral ties and the great opportunities that are present to develop them in all fields, especially in education.

Sheikha Lubna also pointed out to the current existing partnerships between the University and other academic institutions in the UAE, through which educational courses and certificates are offered in various academic fields. She added that this was considered the first time that the University of Washington establishes an overseas centre to teach foreign students on their soil.

At the end of the meeting, the University of Washington granted a scholarship in Sheikha Lubna’s honor for a student to study his MBA in 2011.

She also visited the Headquarters of the Boeing Commercial Aircraft Manufacturing Company and was the guest of honour during the discussions that she held with its Deputy CEO James Albaugh, the Deputy Head of Transportation and Marketing Mrs. Mary Frasier, and the Deputy Head of Business Development and Global Strategy, Mrs. Laura Peterson. The meeting focused on the commercial field, the manufacturing and selling of aircrafts, the acquisition of tools and services, and on aviation and the environment.

The Boeing officials highlighted their strategic partnership with the UAE’s Airline Companies, which they said is based on the common interest of both sides in the fields of manufacturing, research, maintenance and training.



Please enter your comment!
Please enter your name here