Oil exporters in the UAE are facing a hard time with the decline in oil price which has disrupted the conventional business models, says Christine Lagarde, Head of the International Monetary Fund (IMF). The downfall has led to the paradigm shift in economic conditions of the UAE.
However, the IMF head appreciated the way UAE is dealing with such a tough situation with innovation. As per her view, the UAE’s idea of creating Ministries for Happiness, Youth and Tolerance is not a publicity stunt, it is the need of the hour.
Creation of Ministry of Happiness is not just for the sake of it, it is a deliberate effort to bring in peace and stability in the region. It highlights the UAE’s a conscious investment in the future which can drive economic prosperity. By doing this, the UAE is leading others by example.
In a major overhaul of government, the UAE showed further economic diversification which will ensure nation’s financial condition. According to Dr. Amal Al Qubaisi, the first female president of the UAE’s Federal National Council, “The recent federal restructuring in the UAE reflects the roadmap of the future towards development in all sectors.”The UAE’s Minister of Foreign Affairs emphasized participation of “every citizen, woman, man, elder, young” in the development of a strong economy.
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