Crown Prince says oil price won't affect UAE

Progress and development will continue, said Sheikh Mohammad Bin Zayed Al Nahyan

Sheikh Mohammad Bin Zayed Al Nahyan.
Sheikh Mohammad Bin Zayed Al Nahyan.

The current low oil prices will not deter the progress and development planned by the UAE, Sheikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, said in a speech on Monday.

Speaking at the opening session of the UAE Government Summit, held at Madinat Jumeirah, Dubai, Sheikh Mohammed pointed to how the UAE weathered the previous crash in the price of oil in 2008.

“Our economy is strong and diverse and that is why low oil prices won’t have a negative impact on our economy. Oil prices were even lower before, but our ship kept moving and will continue to do so,” he said.

“Our region is going through a tough time, but with the help of God and with the determination of our men and women we are overcoming all the obstacles,” he added.

One of Sheikh Mohammed’s key messages to delegates was the importance of education, which he described as an investment in the future of the UAE.

"Sheikh Khalifa is guiding us on developing human resources. Education is his priority and we need to invest and put all our resources in education,” he said.

“Fifty years from now, we may not have the resources of oil and gas and that is when we will realise how important the investment on education was,” Sheikh Mohammed added.

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