November 10, 2009 14:24 PM

Dubai Undeterred By Financial Crisis, Says Ruler

By Abdul Muin Majid

DUBAI, Nov 10 (Bernama) -- Dubai's ambitions of implementing its development plans will not be deterred by the global economic and financial crisis, said its ruler Sheikh Mohammed bin Rashid Al-Maktoum.

In a speech to investors on Monday, he reckoned that the emirate had passed the worst of the economic slowdown.

"As the global economy stabilises, Dubai today is well placed to exploit its inherent strength and its key strategic location to start new rounds in its march towards excellence," said Sheikh Mohammed who is also United Arab Emirates' vice-president and prime minister.

"I have full confidence in our ability to act," he said in a speech designed to, among others, inspire investor confidence.

According to Sheikh Mohammed, some may believe that Dubai could have acted faster in combating the impact of the international financial crisis.

"However, we preferred to wait rather than rushing because we're keen to ensure strengthening of our major enterprises and restructure it in a way that will have the momentum and the strength to cope with the realities of the new economy," he explained.

He described Dubai's development journey as a race towards establishing the Gulf emirate as a leading business centre and ensure its credibility as an unchallenged financial and trade capital in the Middle East.

"The economic slowdown has offered us an opportunity to sit and consider the world around us. I believe that such space is important to catch our breath and work on reinforcing our competitive capabilities to resume the race," said the ruler.

The global credit crunch has hit Dubai economy hard, most notably wiping the lustre off its property sector.

-- BERNAMA

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