UAE 'well positioned' to survive crisis - Dubai official

FUTURE BRIGHT: The UAE has acted swiftly to ensure it survives the global crisis, the director general of the Dubai Chamber of Commerce has said. (Getty Images)

The UAE is well positioned to survive the economic crisis with a real GDP growth of two to four percent, heard a conference on the global crisis in Dubai on Sunday.

Figures presented at the meeting showed that the total UAE federal debt stood at $211bn of which Dubai's share was 57 percent, according to Hamad Buamim, director general, of the Dubai Chamber of Commerce and Industry.

Other data showed that the Emirate's rate of inflation would reduce from 14 percent to between eight and six percent this year, he added.

Buamim praised the policy responses from the UAE government and central bank that had made a total of AED120bn ($33bn) available to address the bank’s liquidity needs.  

The sum includes AED70bn ($19bn) in long-term deposits in the banks, a AED50bn ($14bn) emergency funding facility and an AED-USD swap facility to secure dollar liquidity needs.

On top of this was last week’s announcement by the Dubai government of a bond scheme worth $20bn, while the Abu Dhabi government had deposited AED16bn ($4.4bn) in its banks, Buamim added.

The conference, inaugurated by the Sheikh Nahayan bin Mubarak Al Nahayan, UAE Minister of Higher Education and Scientific Research, also saw the launch of a week-long field study as part of the Dubai residency course being attended by MBA students from Georgetown University, Washington DC.

"Our national leaders, our government agencies, our businesses and our universities are examining the questions related to the nature and size of this economic downturn,” Sheikh Nahayan told delegates at 'The Gulf Region in the Global Economic Crisis: Force for Stability' meeting.
 
“We recognise that an economic recession creates opportunities and, in the UAE, we are determined to seize these opportunities in order to promote long-term prosperity, to encourage business development and to improve standards of living," he added.

Al Nahayan called upon the students to be leaders in promoting fresh thinking and adopting new approaches - a more prosperous future rested in the hands of the young people, Sheikh Nahayan said.

Print | Email | Discuss this article

| Share |

READERS' COMMENTS

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic. Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Enter the words above *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM