'40-Day Crisis Will Never Determine UAE's Economy In The Future,' Says UAE Minister

The UAE's economy will not be determined by '40 days of crisis' in the future, the minister of economy and tourism said.

“The UAE's economy today is not built on a 40-day mishap. The UAE's economy today is built on 50 years or 5 decades of infrastructure and resilience and agility,” Abdulla bin Touq Al Marri told Khaleej Times.

He explained that investments are continuing to move forward, with the opening of new companies and new licenses.

“We still see the UAE's economy is churning down the nuts and bolts to make sure that there is growth, there is movement and thus with the UAE's visionary leaders and their momentum of strategies that's happening and the initiatives that we are putting in place,” Al Marri said.

The country has dealt with over 2,000 drones, 551 ballistic missiles, and 29 cruise from Iran since the onset of the US-Israel-Iran war on February 28. Despite the purported ceasefire, Iran last week restarted its attack campaign on the UAE.

Since the beginning of the conflict, the Ministry of Economy and Tourism has reassured residents that there is ample supply of food and essential goods, with constant price monitoring done on their part.

Over the last four years, the UAE has aggressively moved towards developing its non-oil GDP, which is now about 77.3 per cent of the total GDP. The gold industry, in particular, is one of the largest contributors. According to the Dubai Multi Commodities Centre (DMCC), the UAE's foreign trade in precious metals reached nearly Dh625 billion in 2024.

The country has also relied heavily on tourism, which although the hospitality sector took a hit during the beginning of the war, is now recovering, the Minister said. The aviation industry, also another cornerstone of the economy, remained resilient as all UAE carriers moved forward with flights, albeit on a limited schedule.

“In aviation, we don't even call it crisis. It's just a unique situation. And I think that's something where we are at the moment, because we are open for business. We did not tell the world not to send their aviation flights to the UAE. Our airports are open for business. It is the international foreign aviation who decided not to fly into the UAE,” Al Marri added.

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