The Emirati economy is strong .. and “customs duties” is a media bubble that will disappear over time

The economic expert and general manager of the Al -Masar Foundation for Economic Studies, Naguib Abdullah Al Shamsi, stressed that the Emirati economy possesses the capabilities and ingredients necessary to absorb and overcome any effects of the customs fees imposed by the United States on many countries of the world.

He said in a special interview with «Emirates Today», that the Emirati economy is characterized by a great diversity and openness to the economies of the world, which qualifies it to overcome any effects, especially with the local economy possessing a purchasing power, and its smile with a distinct geographical location that makes it a regional trade center, expecting that the issue of American customs duties will have useful economic aspects, the most prominent of which is the acceleration of unification of frameworks, legislation and integration The economic between the countries of the Cooperation Council for the Arab States of the Gulf, and the increase in the flow of global commodities to the markets of the state and the region.

Al -Shamsi believed that customs duties are a temporary media bubble whose effects will disappear over time, with an American review during recent periods, advising investors not to hurry to deal with stocks, and expecting more investments to flow to the state and the region.

American economy

In detail, the economist and general manager of the “Al -Masar” Foundation for Economic Studies, Naguib Abdullah Al Shamsi, said that “the American decisions regarding the imposition of customs duties come in light of the difficult economic conditions experienced by the American economy, including high inflation and unemployment rates, and the decline in the US foreign trade balance in the interest of several countries, which led to the direction of fees in an attempt to confront these conditions.”

Al -Shamsi added: «These fees were, as it appeared in many countries of the world, various reactions from countries that they considered as a commercial war, which prompted some countries to review their trade policy with the United States.”

He continued: «The United States is among the most prominent affected people from these fees, with many countries going to impose similar counter -fees, which increases the damage on the American consumer and markets itself.

He said: «There are expectations that many investments will be transformed from the American markets and the search for other countries and markets, which increases the expectations of re -auditing and the United States reviewing these customs duties during the coming period.

He pointed out that «the escalation of some trends by avoiding American goods in many countries of the world, in response to the imposition of these customs duties, will allow many countries to maintain the development of their foreign trade from commodities, and direct their products to other alternative markets.

Emirati economy

Al -Shamsi stressed that the Emirati economy has proven through various global crises during the previous years, whether the global financial crisis in 2008, or the “Corona” pandemic, that it possesses capabilities and ingredients that qualify it to absorb and overcome any effects of the customs duties crisis.

He said: «The Emirati economy is characterized by strength, great diversity and openness to the different economies of the world, while possessing mainly self -capabilities that enable it to recover from any effects by supporting increased diversity, and not relying on specific markets, in addition to the state’s geographical location as a regional commercial center.”

Benefits and benefits

Al -Shamsi considered that it is possible that American decisions on customs duties can have many benefits and benefits that can be used in the markets of the state and the Gulf region, especially since the imposed customs percentage does not exceed 10%, which reduces its effects, compared to the proportions imposed on other countries, which allows to direct many commodities to the state markets.

He added that the crisis will also stimulate the acceleration of the unification of the frameworks, legislation and economic integration between the countries of the Gulf Cooperation Council during the coming period, indicating that all countries of the world seek to provide their products in the UAE and Gulf markets, with the growing purchasing capabilities, which makes American goods need the region’s markets.

Al -Shamsi expressed his belief that customs duties are a media bubble that will disappear over time, expecting that many global investments to local markets in light of the repercussions of these fees, with many investments heading to alternative markets, will be attracted, which in turn enhances the strength of the Emirati economy.

He said: «We will witness the existence of investments and global companies in the Emirates confirming the state’s presence in the global economic map.”

Tips for investors

In response to a question related to the advice he provides to investors at this stage, Al -Shamsi said: “Investors in the state markets should not rush to interact with the effects of fees on investments on financial markets or deposits, because the crisis and its effects are temporary, especially with the strength of the Emirati economy and its capabilities that qualify it to quickly recover from any effects, compared to many global economies.”

He expected that more commodities from different countries will flow and flow to the local markets in light of the repercussions of American customs duties, which provides many commodities options at affordable prices for consumers and investors in the markets with purchasing power.