UAE's PM says economy 'still sound'

ECONOMIC VIEW: Sheikh Mohammed says the UAE's economy is still sound amid the global crisis. (Getty Images)

The UAE economy has been and is still sound and the government is handling the fall out of the global financial crisis with patience and wisdom, Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum has announced.

Sheikh Mohammed, the vice president and prime minister of the UAE, called for greater constructive cooperation and coordination among financial and banking institutions around the world to mitigate the negative consequences of the crisis on the development programmes in different countries of the world.

He made his comments during talks with visiting chairman of the US Senate Finance Committee, Senator Max Baucus, news agency WAM reported.

Sheikh Mohammed and the US official exchanged views on wide-range of economic, political and financial issues of mutual concern and ways of energising mechanisms of cooperation between financial and economic institutions in the UAE and US.

Senator Baucus lauded the financial policy adopted by the UAE government in view of the current turmoil in the world financial markets and its potential impact on the world financial order in general.

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