The UAE is among the most ready to face customs duties

“The UAE is among the countries of the region most ready to confront the current crisis of American customs duties.”

He added in statements to «Emirates Today» on the sidelines of the 19th Investment Conference, which concluded its business in Dubai, recently, and its organization, that the economy of the UAE has a strong situation in terms of organizational regulations and diversification of economic resources, which makes the UAE one of the most powerful countries in the region to face any impacts or repercussions of the American customs duties crisis.

He continued: «The UAE and the region markets generally have many promising investment opportunities in light of the customs duties crisis, especially with the effects of the crisis in the global stock markets, in order to support the polarization of various investments.

Shams al -Din pointed out that the global markets are witnessing a “justified anxiety” after the announcement of American customs duties, in a way that may have repercussions on international economies and emerging markets.

He said: «Economic fluctuations are the most prominent scene in global economies, and according to what we learned from work in the capital markets for several years, they are always interconnected in their direction to decline, and the fluctuations of the economy will continue, unless global political solutions are reached.

Shams El -Din stressed that the UAE economy has more flexibility in dealing with fluctuations in oil prices, and will still have sufficient financial and financing flexibility, as well as its financial liquidity.

He continued: «The performance of the Emirati economy in the last five years is strong due to the strong economic and legislative reforms that led to the prosperity of tourism, and the increase in the number of residents by about 1.7 million residents since 2021, which prompted the high total demand for goods and services in a large way, in addition to opening up to foreign investment, and joining stock exchanges to indicators of international emerging markets and many other jumps. The non -oil economy in the UAE is growing at 4.5% this year.

Shams al -Din saw that the Arab region has stronger ingredients, compared to what it enjoyed in any previous crisis, saying: “In terms of foreign reserves, linking the local currency and external balances, I think the region will demonstrate that it is one of the counted areas in the emerging markets that still provide many opportunities, and generate much better returns, according to risks, compared to other regions.”