Dubai, UAE – The UAE Minister Sultan Al Jaber has strongly called for the unconditional opening of the Strait of Hormuz, emphasizing that the strait does not belong to any single country. He warned that closing this vital waterway would create a dangerous precedent and threaten the freedom of navigation. According to the minister, such a closure would undermine the stability of the global economy.
The Strait of Hormuz serves as a critical shipping route through which a significant portion of the world’s oil passes. Any disruption in this area could lead to serious economic consequences worldwide.
Support Package for Businesses by Dubai International Financial Centre
In related developments, the Dubai International Financial Centre (DIFC) has announced a support package aimed at helping businesses maintain continuity during uncertain times. Key features of this package include:
- Flexible payment plans for both retail and commercial sectors
- Installment options for license renewals
- Additional retail support initiatives
These measures take effect immediately to support firms navigating current economic challenges.
Economic Outlook and Regional Conflicts
The World Bank has reported that the UAE is capable of absorbing spending pressures and recovering quickly from short conflicts. However, it has revised down economic growth forecasts for the Gulf Cooperation Council (GCC) and the wider Middle East due to ongoing regional conflicts. Notably, economic contraction is predicted for Kuwait and Qatar this year.
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