Mohammed Bin Rashid congratulates winner of Great Arab Minds Award in Economics

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has congratulated Professor Yacine Aït-Sahalia, Professor of Finance and Economics at Princeton University, for winning the Great Arab Minds Award in Economics for 2024.

Sheikh Mohammed praised Professor Yacine Aït-Sahalia for his pioneering contributions to financial econometrics, data measurement, and financial analysis. His work advanced the modelling of high-frequency financial data and continuous-time processes, enabling deeper understanding of variables.

Sheikh Mohammed said, "We congratulate the winner of the Great Arab Minds Award in Economics for 2024, Professor Yacine Aït-Sahalia from Algeria, Professor of Finance and Economics at Princeton University, who has made exceptional contributions by developing an advanced economic and financial metric to determine volatility levels and understand future patterns of market fluctuations. His work has enhanced financial market analysis, improved economic risk assessments, and increased the efficiency of financial and economic planning.

"We celebrate his achievement and take pride in all Arab minds who have inspired us with their creativity. We look forward to meeting them soon at the Great Arab Minds ceremony.”

Mohammad Bin Abdullah Al Gergawi, Minister of Cabinet Affairs and Chairman of the Great Arab Minds Higher Committee, informed Professor Yacine Aït-Sahalia of his win via video call. Al Gergawi highlighted that the award reflects Sheikh Mohammed's vision to celebrate and support exceptional Arab talent, highlight their achievements, and expand their effective cognitive and developmental impact in their specialisations to foster innovation and excellence across the Arab world.

"Your theories on econometrics and financial analysis have become a reference for numerous institutions, markets, economies, and governments. Your studies inspire a new generation of skilled economists, both in the Arab world and globally, and you are a source of pride for everyone in the Arab world,” Al Gergawi added.

Professor Aït-Sahalia developed high-frequency econometric methods to analyse financial data, estimate volatility, forecast market trends, and evaluate risk. His techniques for addressing microstructure noise and capturing market dynamics have provided essential tools for asset pricing and financial decision-making.

With over 80 academic studies and two books, Professor Aït-Sahalia's research introduced innovative methods for analysing financial data, and enhancing economic planning.

WAM