UAE minister says healthy competition with Saudi Arabia pivotal for progress

Mohammad Abdullah Al Gergawi, UAE Minister of Cabinet Affairs

The competition between Saudi Arabia and the United Arab Emirates is very healthy and important for progress, as the region needs to open up more countries, CNN Arabic reported, citing UAE Minister of Cabinet Affairs Mohammad Abdullah Al Gergawi.

He explained that the prosperity of every country in the region is a good thing, noting that what is happening in Saudi Arabia, Egypt and Qatar is very important.

There are a sufficient number of failed countries in the region, he added.

The UAE is building bridges with the countries in the region, as it looks forward to economic prosperity across the region.

Despite the differences between Turkey and the UAE, the Gulf country is going ahead with its investments, Al Gergawi noted.

He pointed out one of the largest investments in the banking sector -- Emirates NBD’s purchase of one of the largest Turkish banks three years ago.