WEF founder: UAE ‘innovative thinking’ will enhance economic growth

Despite the fundamental economic challenges the world currently faces, the UAE will maintain its ability to continue the long-term growth trajectory the Gulf state has set for itself, the founder and executive chairman of the World Economic Forum (WEF) said Monday.

Professor Klaus Schwab made these comments during a private breakfast hosted as part of the Summit on the Global Agenda in Dubai where he said the UAE’s display of trust and implementation of long-term thinking will enable the country to further enhance its economic growth.

“The UAE Government continues to display long-term planning and progressive, innovative thinking which enhances economic growth,” he told an audience of members of the UAE business community.

“Although entrepreneurial forces need to constantly modernized and mobilized, I feel very confident that this will happen as far as the UAE is concerned due to the strong and trusted association between the public and private sectors,” he said.

Short-term thinking, a pitfall Schwab said many industrialized countries have fallen in, is an obstacle the UAE managed to avert which would have hindered development.

Schwab also pointed to the relationship between the public and private sector, which he said was important for sustainable GDP growth.

“Countries such as China and India, which have had unprecedented growth over the past 25 years, are struggling to maintain the rates they have previously set now that they are mature,” he said, adding that his greatest concern for the global economy remains “the impact of low growth over an extended period.”

“Professor Schwab’s views are in tune with the sentiment of business leaders across the UAE,” one leader of a UAE-based prominent business was quoted as saying in a press release.

“We feel that there are a huge number of opportunities for growth in the UAE and that the current economic climate, driven by entrepreneurs, is very healthy,” the man, who chose not to be named, said.

“The Government has given business confidence which enhances overall growth,” he added.