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Mon 9 Feb 2015 03:58 PM

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Oil price won't affect UAE's development, says Abu Dhabi Crown Prince

Sheikh Mohammed Bin Zayed Al Nahyan stresses importance of investing in country’s resources, education

Oil price won't affect UAE's development, says Abu Dhabi Crown Prince
Crown Prince of Abu Dhabi Sheikh Mohammed 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.

As Deputy Commander of the UAE Armed Forces, he praised the UAE Armed Forces and their work in the security of the UAE. He thanked the thousands who enlisted for armed forces duty, and detailed some UAE nationals who signed up despite being eligible to avoid the mandatory national service.

“Our daughters and our sons make us proud and they are the real wealth of our country. It is very important to be very proud of our national belonging and unity,” he said.

Sheikh Mohammed also praised the role that women continue to play in the future of the UAE.

“Women are not only 50 percent of our population but they are skillful and equal participants of our success story,” he said.