The European Bank for Reconstruction and Development: Positive Growth Trajectory for the UAE Economy Despite Global Challenges

Hayat Harbengarger, the Executive Director of the Southern and Eastern Mediterranean region at the European Bank for Reconstruction and Development, emphasized the positive prospects for the growth of the United Arab Emirates economy despite global challenges.

Harbengarger, in statements to the Emirates News Agency “WAM” on the sidelines of the World Government Summit in Dubai, said, “The UAE certainly has distinct growth prospects, benefiting from technological progress, and it is very comfortable in this regard.”

She added, “The Middle East is rich in many medium-term opportunities, particularly in areas such as green hydrogen and other areas in order to achieve regional integration and export renewable energy from these countries.”

She mentioned that 2024 is still full of challenges from a macroeconomic perspective due to global shocks and rising interest rates after the recovery from the global pandemic “COVID-19”.

Nevertheless, there are still positive growth prospects for the region. In response to a question about her participation in the World Government Summit, she said, “The bank is very pleased with this participation and we are honored to be part of this summit, and we believe that it is an important event as it brings together not only governments, but also development partners in the private sector.”

She pointed out that after the UAE’s successful hosting of the “COP28” conference last November, it is now hosting the World Government Summit, which is a good opportunity for us to see how governments, the private sector, and development partners work together to highlight important issues in the short and medium term, such as climate change and others.

She stressed the great importance of partnerships for climate action, noting that partnerships have been formed with a number of companies in the UAE, such as “Masdar”, in addition to other active entities, civil society organizations, and non-governmental organizations in order to help promote the green and comprehensive agenda throughout North Africa and the Middle East.

She also mentioned that the bank has recently formed many government and private sector partnerships, especially in the fields of solar and wind energy, for the energy transition, and pointed to partnerships in areas such as digital innovation and artificial intelligence.

WAM