VEON Founder and Chairman Augie Fabela recently described how the United Arab Emirates emerged from Iran’s missile and drone campaign as a regional leader, citing what he described as a prepared defense, a business-first government posture during the crisis, and a clean break from OPEC.
In remarks promoting his new book, “Tenacity: The UAE’s Finest Hour,” Fabela detailed how the conflict began in late February following a joint U.S.-Israeli strike on Iran that prompted Tehran to target U.S. partners across the Gulf, including the UAE. By early April, the UAE Defense Ministry reported engaging 475 ballistic missiles, 23 cruise missiles, and 2,085 drones since the campaign began.
Fabela, who remained in Dubai throughout the fighting, emphasized that what he observed was not improvisation but a highly coordinated response: “They were prepared, they executed, they made decisions quickly, and they are absolutely focused on the future,” he stated. He noted the book’s title was deliberate, capturing past, present, and future elements of the crisis.
He credited Emirati leaders for treating the private sector as a partner from the outset: “Three days into the crisis, the first thing that was done by the leadership is they called in the business leaders and asked what can we do to help you,” Fabela said. He described officials operating with “the speed of need,” making decisions swiftly without hesitation.
Fabela also highlighted VEON’s relocation to Dubai nearly a year ago, describing it as the largest U.S. NASDAQ-listed global digital operator headquartered in the UAE. On strategic shifts, he pointed to the UAE’s April 28 announcement of withdrawing from OPEC and OPEC+ effective May 1, ending nearly 60 years of membership.
UAE Energy Minister Suhail Al Mazrouei noted that the exit was designed to minimize market disruptions and provide Abu Dhabi with space to achieve a 5 million-barrel-per-day production target by 2027.
While declining to comment on political implications, Fabela expressed confidence in Emirati leadership driving regional economic growth: “They’re a great ally for us,” he said, predicting increased business engagement with the UAE as it positions itself not merely as a hub but as “a platform for building the future of the economy.” Fabela concluded his remarks by stating: “I have ‘a lot of optimism that they will lead the UAE and the region into a great future going forward.’”
