Forty successful years reinforces our confidence for the future

Dr. Sultan Ahmad Al Jaber Chief Executive Officer, Masdar in Abu Dhabi, spoke in a seminar organized by the National Media Council in the UAE, as part of the celebrations of the 40th anniversary of the UAE National Day. Dr. Al Jaber Said: “In anticipation of the UAE’s 40th Anniversary, we are reminded with pride, of the remarkable progress and development of our country. Under the guidance of our wise leadership we have overcome challenges with confidence and determination to create a truly great society. The late Sheikh Zayad bin Sultan Al Nahyan and the Rulers of the Emirates set the course to build a united community based on their shared values of cooperation and determination.”

Strong Steps for the Environment from the UAE

Ms Razan Khalifa Al Mubarak, Secretary General of the Environment Agency in Abu Dhabi, spoke about Environment in UAE. She said “It gives me great honour to be here to give you an overview on why the environment has an important role and has had an important role in the establishment of the UAE and its role moving forward. This occasion also marks the 40th anniversary of the establishment of the United Arab Emirates. Ladies and Gentleman, the conservation of nature and the environment has been a guiding principle of the nation even before the UAE and has been a fundamental part of the story of the UAE. To understand why this is so, it’s important to understand the philosophy behind the man who established, who founded the UAE the late Sheikh Zayed bin Sultan al Nahyan.  His identity is synonymous with the national identity of the UAE and the role the environment plays in his vision and values.”

You have already heard about the work of the Abu Dhabi energy company. It’s important to recognise work on green buildings doesn’t just stop at this. The UAE are taking more steps and the implementations of new standards of green buildings are specifically adapted to our recent environmental challenges.

UAE returns to US treasury market

Enticed by better yields, the UAE has returned to the US treasury market which it quit earlier in the year, UAE Central Bank governor Sultan bin Nasser Al Suwaidi said.

“Now we do invest in US Treasuries” as circumstances have changed due to higher returns, Al Suwaidi told a group of foreign journalists were on a visit to attend the UAE’s 40th National Day celebrations.

He did not say what amount of money has been invested in the treasury bills. However, the investment is not as much as in the past, he added.

The central bank has its reserves invested in Japanese government securities, an official said.

In June, the central bank’s foreign currency assets dropped to a three-month low of Dh 199.1 billion.

But within that total, holdings of foreign securities rose to Dh86 billion in same period, the highest level since at least 2007, a newswire said quoting latest data.

Responding to a question, Al Suwaidi reiterated the UAE’s policy on the dirham’s peg to the US dollar, saying it has “served our economy for many years”.

New authority to test workforce

from 2012

Addressing a conference organised by the National Media Council as part of the 40th National Day celebrations, Saqr Ghobash Saeed Ghobash, Minister of Labour, said that the National Qualification Authority that is awaiting Presidential approval will evaluate the qualifications of all new foreign workers from next year.

Describing the large number – two million – of unskilled labourers in the country as one of the ministry’s key challenges, he noted that only 266,000 of the 3,880,000 workers registered with the ministry had a university degree or higher.

He predicted the labour market would change, with skilled workers making up a greater proportion of the workforce.

No worker would be brought in if an Emirati was equally able to do the job, he said, adding that Europe and America had similar rules in place.