Issue 141 (May - June)

p. 25 “The UAE is the safe haven of the world,” he said. “People from all over the world come to live and work, and even retire in my country. The UAE offers a welcoming, safe and secure environment to anyone irrespective of race and religion. This is the secret of our success.” When asked about the impact of any external pressures on the UAE, Al Habtoor said, “The UAE is resilient. We are unlike anywhere else in the region because the people of the country work hand in hand with the government. We are partners with the leaders to ensure our success.” [‘Success story of the UAE’ starting min 09:08] Al Habtoor acknowledged that 2017 was a tough year in the UAE but said that 2018 is proving to be much better for business, “In 2017 the business climate wasn’t that great, like 2016, however, since January 2018 there has been significant growth and we believe that progress will continue.” He added, that his strategy of diversification is important to weather any turbulence “that way one company can carry another when there is pressure,” he said. [‘UAE business environment’ starting min 11:07] The Chairman gave his view on the influx of construction in the UAE, particularly in the hospitality and real estate, and warned against irresponsible lending from banks. “I don’t encourage building unless a proper feasibility study has been conducted to ascertain the level of risk. I caution against banks’ lending without conducting due diligence first.”