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Attended by business leaders, distinguished academics and government officials, the talk examined the impact of the crisis and the actions initiated by the local and federal authorities to mitigate its effects.
Dr. Abdulla said:
"The UAE felt the impact of the crisis just like any other country in the world, and the effects varied from industry to industry. It highlighted the strengths and weaknesses of the economic model of the UAE, and proved the real estate sector to be a vulnerable link in the chain. In addition, during the boom period, impractical expectations hovered over the real estate industry. Not surprisingly, while the tourism and aviation sectors were impacted heavily during the crisis, they are beginning to fare better now."
Dr. Abdulla added, "The price of crude oil, which fell during the initial days of the crisis, began looking up because of sustained global demand from growing economies like India and China. This has helped the oil producing/exporting countries. In the UAE, the crisis only resulted in disturbing the economic model and not the entire economy. Though its consequences were tangible, they were not fatal. Moving forward, the individual emirates need to work toward complementing each other even more."
Dr. Abdulla explained that the country cannot afford to have the double digit growth of recent years, as that may lead to severe social imbalances. He added that the UAE has already accomplished numerous milestones, and stressed that there is no urgent need to seek any more international recognition.
Dr. Abdulla asserted, "Quickly stepping in with decisive political actions, the UAE government proactively launched stimulus packages to minimize the impact of the crisis. Looking ahead, the private and public sectors must lead the overhaul by implementing growth strategies and practices for ensuring sustainable future progress."
"The financial crisis hit the world like a storm, and left a far more devastating impact than any other market-moving events. Transparency and institutionalization are the need of the hour to bring global economies back on track," he said.
Dr. Tarik Yousef, Dean of the Dubai School of Government, said:
"The current economic situation has left many individuals considering the next steps to recovery and prosperity. Dr. Abdulkhaleq Abdulla's political and economic insights outlined a clear picture of the effects of the crisis on the UAE, and provided astute recommendations for policy makers to consider as they chart the future direction of the country."
A UAE national, Dr. Abdulkhaleq Abdulla is Professor of Political Science at United Emirates University, and the lead author of the Arab Knowledge Report 2008. He has been a member of the Dubai Cultural Council, the General Coordinator of the Gulf Development Forum, Director of the Research Centre at Al Khaleej newspaper, Editor of the Gulf Strategic Report, Editor of the Journal of Social Affairs, Member of the Global Agenda Council on Population Growth 2008-09, and is the recipient of the Cultural Personality of the Year 2005 Award.
Holder of a Ph.D. in Political Science from Georgetown University and a master's degree from American University in Washington D.C., Dr. Abdulla is also the author of several books and has published more than 30 articles. He was a Fulbright Scholar and Visiting Professor at the Center for Contemporary Arab Studies at Georgetown University. He has participated in seminars and lectured in universities and research centers around the world, including Europe, Australia, Japan and the US.
Established in 2005 in cooperation with the Harvard Kennedy School, the Dubai School of Government is committed to the creation of knowledge, the dissemination of global best practices and the training of policy makers in the Arab world. DSG is focused on capacity building, and conducts various programs that seek to promote good governance through enhancing the region's capacity for effective public policy.
Posted by Siba Sami Ammari
