The ongoing standoff between Qatar and its Arab neighbours won’t have any negative impact on the UAE’s economy.
That’s according to the Director of Economic Affairs and International Cooperation at the Ministry of Foreign Affairs and International Cooperation who spoke to ARN on Monday.
Fahad Obaid Al Taffaq says confidence level in the UAE markets remains strong and any disruption would be short-term.
He added that the local economy is well-diversified and competitive enough to withstand any pressure.
Al Taffaq also highlighted the UAE’s efforts to ease the standoff through diplomatic means but said the response from Doha has not been encouraging so far.
He reitereated that the UAE has no intention to deliberately prolong the crisis.
But added that the situation could escalate if Qatar refuses to address concerns surrounding extremism.