The UAE is well equipped to withstand the current regional crisis and has overcome far more severe shocks in the past, prominent Emirati businessman Khalaf Ahmad Al Habtoor said on Thursday, reacting to warnings by American economist Jeffrey Sachs.

Al Habtoor’s remarks through a post in his  X account, came after Sachs, speaking to Indian media outlet ANI, warned over risks Dubai and Abu Dhabi could face if the UAE became further entangled in the confrontation involving Iran, the United States and Israel. 

“I have reviewed what the American economist Jeffrey Sachs wrote, and I thank him for his interest and concern,” Al Habtoor said in a statement, adding that while the economist’s intentions may be sincere, the assessment was “harsh and laden with the worst-case scenarios.”

“Instead of preaching doom, let us hold fast to the facts,” he said. “The economy of the United Arab Emirates has proven time and again that it is resilient and capable of adapting, and that it does not rely on a single circumstance or a single phase.”

Al Habtoor said the UAE had weathered crises greater than the current one — including the global financial crisis and the COVID-19 pandemic — and emerged stronger each time.

“Our economy is robust and solid, and this is a fact that can be clearly compared to the major economies in the West, including the American economy, in terms of adaptability and flexibility in the face of crises,” he said.

Rejecting pessimistic assessments, Al Habtoor said Dubai and the UAE were built on “clear vision and wise leadership” rather than temporary advantages.

“Dubai and the UAE were not built on luck, but on a clear vision and wise leadership that knows how to manage challenges and turn them into opportunities,” he said. “We have strong institutions, a cohesive structure, a diversified economy, and a system capable of safeguarding its stability.”

He added that while the UAE recognised current challenges, it would not define its future by worst-case projections.

“As for those who choose to view this experience through a lens of pessimism, we say to them: We are here, strong, steadfast, and confident,” Al Habtoor said.

“Our leaders have proven their wisdom, our institutions have demonstrated their capability, and our nation is forging ahead on a path of development that will not halt, no matter the circumstances.” - TradeArabia News Service