HomeEconomyMohamed bin Zayed: The UAE will remain a reliable supplier of energy
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July 14, 2022 11:26 am

Mohamed bin Zayed: The UAE will remain a reliable supplier of energy

“Economic diversification a fundamental strategic necessity”
Sheikh Mohammed bin Zayed Al Nahyan

In his first televised speech since taking office last May, UAE President Sheikh Mohamed bin Zayed Al Nahyan stressed that the Gulf state remains as a “reliable” energy provider, while markets face rising prices and fluctuations.

Sheikh Mohamed’s speech came before an upcoming visit by US President Joe Biden to Saudi Arabia this week, during which he will urge Gulf leaders to pump more crude in the face of high prices.

In the speech, Sheikh Mohamed said: “We are continuing (…) to consolidate the country’s position as a reliable provider of energy and a supporter of global energy security as it is the backbone of enabling global economic growth and development.”

The UAE recently confirmed that its oil production is close to the maximum limit allocated to it within the “OPEC +” group.

Sheikh Mohamed stressed that the UAE is strong, developed and continuing on the path of Sheikh Zayed and Sheikh Khalifa.

Sheikh Mohamed added that the economy of the UAE, which is a center for trade and tourism, “is today among the most powerful and growing economies… (and has become) a source of inspiration and hope for the peoples of the region and the world…Diversifying our economy is a fundamental strategic necessity within our development plans.

UAE sovereignty and security a fundamental principle

 

In addition to energy, Sheikh Mohamed stressed in his first televised speeches since his selection as a successor to the late President Sheikh Khalifa bin Zayed that “the sovereignty and security of the UAE is a fundamental principle that cannot be compromised.”

“We extend the hand of friendship to all countries in the region and the world that share the values ​​of coexistence and mutual respect to achieve progress and prosperity for us and for them,” he added.

He stressed that the UAE’s policy will continue to support peace and stability in the region and the world, help brother and friend, and advocate wisdom and cooperation for the good and progress of mankind. “We will continue our firm approach to strengthening bridges of partnership, dialogue and effective and balanced relations based on trust, credibility and mutual respect with countries of the world to achieve stability and prosperity for all,” he said.

He concluded by saying that the UAE, a young country, “has achieved many qualitative and exceptional achievements… But our ambitions are much greater, and it is necessary that we continue to exert our utmost energies and efforts to achieve more… Our responsibility is to secure a bright future for present and future generations… and reaching that goal depends on the efforts we put in today.”