Global Financial Markets Forum 2016 opens

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Global Financial Markets Forum 2016 opens

Global Financial Markets Forum 2016 opens

(Abu Dhabi) – Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Culture and Knowledge Development, discussed the increasing importance of knowledge to the future of the UAE, as the country seeks to become a major regional hub in the global economy.
“Our cultures, whatever their distinctive characteristics must create, produce, transfer, adapt, and localise knowledge if they are to flourish,” he said in a keynote speech delivered during the opening session of the Global Financial Markets Forum 2016 in Abu Dhabi.
Creating a knowledge-based economy and society were the primary goals of the UAE’s late founder Sheikh Zayed bin Sultan Al Nahyan and remain the fundamental goals of the country’s present leadership, he said.
Wisdom will be the moral compass that will guide the country in its quest to improve the health and safety of its communities, deal effectively with critical environmental issues such as climate change, waste management, recycling, potable water and renewable energy, he argued.
In an interconnected world, it is vital that individuals and institutions work together and embrace knowledge to achieve success. He lauded Abu Dhabi’s institutions and economic plan 2030 that seeks to achieve a socially cohesive and economically sustainable community, with knowledge at its core.
The Forum kicked off with a welcome note from Nasser Ahmed AlSowaidi, Chairman of NBAD and Etihad Rail. AlSowaidi emphasised the UAE’s position as a vital finance, trade and logistics hub in a changing geopolitical and economic environment. The country continues to “act as a bridge between some of the fastest growing and most exciting markets from the West of Africa through the Middle East to the farthest reaches in Asia,” he said.
The UAE’s long-term investment strategy, financial depth and economic diversity are key to navigating through the current period of low oil prices. While the UAE wasn’t immune to fluctuations in oil prices, it was no longer “enslaved” to them, he added.
Al Sowaidi concluded his speech by stressing the crucial role financial institutions play in today’s changing economic environment. Banks, such as NBAD, ought to continue advancing the UAE’s position in international capital markets, preserve liquidity in the domestic market, and extend their support to local businesses and people.
(Courtesy WAM)