Abdullah Al Saleh:
9,000 inspections to regulate markets and stabilize prices
1,260 hotels and 40,000 companies bolster the tourism sector in the country
400 global cities and 100 ports safeguard the UAE’s trade heritage
No allowances for increases in transportation and essential goods costs
Redirecting vessels and prioritizing food goods unloading
Daily coordination with ports and shipping companies to ensure continuous availability of goods
Abdullah Al Saleh, the Undersecretary of the Ministry of Economy, stated that the nation’s economy is steadily advancing towards prosperity and has effectively managed various regional challenges, emerging from them more resilient, experienced, and adaptable. This success is attributed not to chance, but to a foresighted vision crafted by wise leadership, demonstrating an exemplary proactive approach to crises and obstacles.
During a lecture organized by the Center for Strategic Studies and Research, Al Saleh explained that the UAE, with the leadership’s support, not only adeptly handled crises as they arose but also transformed them into opportunities by implementing forward-thinking and competitive strategies aimed at introducing new pathways for growth, expanding businesses, and enhancing the roles of innovation and technology, thereby boosting local and international confidence and strengthening the UAE’s competitive position globally.
Priority
He emphasized that since the onset of aggressive hostilities against the UAE, the country’s relevant authorities have prioritized sectors critical during such times, particularly ensuring food security, availability of essential goods, and the stability of supply chains and markets.
Al Saleh pointed out that measures taken included enhancing the protection of supply chains for priority goods from the beginning of the crisis until now, particularly for food, pharmaceuticals, medical equipment, and industrial inputs, by activating alternative routes, including the ports of Fujairah and Khor Fakkan. He highlighted the focus on resolving any bottlenecks as they appear to ensure a continuous and efficient flow of goods.
These measures also involved redirecting ships and prioritizing the unloading of food goods, alongside daily coordination with ports and shipping firms to maintain uninterrupted availability of goods.
The ministry has also emphasized direct communication with the private sector through daily meetings with a wide range of companies to monitor market dynamics and consumer needs, facilitating coordination with all stakeholders to enhance rapid responses to market-related challenges and address them swiftly.
Goods
In line with ongoing national efforts to prevent increases in consumer goods prices and ensure stable inflation rates, Al Saleh stated that the ministry, in cooperation with local economic departments, has implemented various immediate intervention measures, including prohibiting any increases in transportation and essential goods costs without prior justified approval from the ministry and the relevant authorities.
A series of measures were also introduced, including streamlining processes and expediting customs clearance, along with conducting over 9,000 market inspections to verify compliance with necessary standards and monitor prices daily. This reflects the ministry’s vision that the goal is not merely to ensure the availability of goods but to provide them at fair and stable prices.
Routes
The Undersecretary of the Ministry of Economy emphasized that the UAE’s established economic standing has made it a scientific logistics hub due to diverse import sources and a world-class infrastructure that does not rely on a single route but instead on a comprehensive global network. This bolsters the economy’s resilience and adaptability to any changes.
He added that the UAE has a rich historical legacy in trade and business, connecting today with over 400 cities worldwide via direct lines and boasting the largest navigation networks extending to nearly 100 global ports.
He continued: “The UAE’s high readiness reflects its significant capacity for effective coordination between government entities and the private sector, allowing for swift and effective decision-making, which is the strength of the UAE, not just in its resources but in its quick decision-making and the efficiency of its economic policy implementation.”
Solutions
Al Saleh mentioned that the tourism and travel sector in the UAE faced several challenges, including shifting booking patterns and delays in flight schedules. Nonetheless, the UAE addressed these proactively and effectively, enhancing its image as a safe destination, ensuring continued operations in hotels and airports, and launching international campaigns to reassure tourists about transparency and stability.
He noted that the country is home to 1,260 hotels and over 40,000 firms operating within the tourism markets of the UAE. The ministry continues its efforts in coordination with relevant authorities to ensure visitor safety and a smooth experience, providing various accommodation solutions and logistical support while enhancing institutional coordination to ensure a unified and effective response to the ongoing crisis.
Furthermore, the country implemented operational and regulatory measures, in collaboration with the private sector, to mitigate any short-term impacts while ensuring the continued operation of the tourism sector, thereby enhancing preparedness in crisis management with high efficiency and professionalism.
Banking
Al Saleh elucidated that the Central Bank of the UAE has launched a preemptive support package aimed at enhancing the resilience of financial institutions, facilitating financial flexibility, and providing liquidity to businesses across various economic sectors, especially small and medium enterprises, while safeguarding the stability of the financial system and sustaining its role in realizing the national vision and boosting the UAE’s global economic competitiveness.
He stressed that business continuity and boosting investor confidence is not merely an emergency plan but an integral part of its comprehensive economic model. Challenges have proven that the UAE possesses a reliable and stable economic environment, strong infrastructure, and flexible policies capable of turning challenges into opportunities for growth and innovation, ensuring that the UAE remains a sought-after tourist destination and a leading global investment hub.