Sheikh Khalifa defends UAE response to economic crisis

CONFIDENT LEADER: Sheikh Khalifa has every confidence that the UAE will be able to counter any temporary burdens resulting from the economic crisis. (Getty Images)

People had got the wrong idea about the relationship between the Abu Dhabi and Dubai governments, with the former having no desire to acquire companies owned by the latter, the UAE president said on Monday.

Speaking in an exclusive interview with new Abu Dhabi business daily Alrroya, Sheikh Khalifa Bin Zayed Al Nahyan said the impact of the financial crisis on the national economy had been exaggerated and misunderstood.

Abu Dhabi and Dubai were working together to deal with the outfall of the global economic crisis, Sheikh Khalifa said.

Measures taken at federal and local level had been clear and publically announced, which left no room for misinterpretation, he added.
 
"Any proper economic procedure must enjoy a great deal of transparency and this is what we are keen about when dealing with the impacts of the crisis," Sheikh Khalifa said.

He went on to say that he had every confidence in the UAE’s financial and economic institutions to deal with the repercussions of the downturn, and that they would ensure the Emiarates remained a key player on the world investment map.
     
"Our national institutions will be able to counter any temporary burdens resulting from the global financial crisis, thanks to their accumulated experience, respect and credibility in the markets," he said according to a report of the interview on the WAM news agency.

“The government will give them support to counter such burdens as and when necessary,” he added.

The current crisis had identified flaws in the international financing system of which the UAE had been a victim.

On-going work within the country and the GCC, in tandem with the international community, was needed to resolve the world's current economic problems, Sheikh Khalifa said.
   
"The position the UAE enjoys on the global economic map is not coincidental or temporary or borne out of certain economic circumstances, but a fruit of continuous work at both federal and local levels," he added.

"Although we are victims of the global financial crisis and are paying a price, we have worked with the international community to help the countries hit by this crisis. We have also worked within the Gulf Cooperation Council (GCC) towards shaping a collective position on the crisis."

The government was not working in isolation, he added, but was forging ahead with its policy of encouraging private sector development, by supporting individual initiative and the free market, he noted.

"The government is committed to providing the appropriate economic climate that allows the private sector to play its role in the development process.

"The government always moves, when necessary, to extend all forms of help to national private institutions so that they can continue playing their role in the development process," he said. 

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READERS' COMMENTS

Response to Sat ...
Posted by The Sicilian, Spain on Tuesday 17 March 2009 at 14:25 UAE time


To say that the Obama administration is the benchmark would only lead the gulf economies to more disaster. He has surrounded himself with the same people under the Bush and Clinton administrations. He's giving bailout money to the same crooks who got us into the mess and many American families literally live in tents. Not that I think McCain would have done better but that will always remain a mystery.

There was an excellent interview of Ralph Nader by Ghida Fakhry concerning the fall of Madoff. It gives a lot of insight as to what happened. Money in the Gulf has been earned with too much hard work. Following the American government would only lead us down the toilet.

http://vodpod.com/watch/1427667-ralph-nader-on-the-rise-and-fall-of-madoff-13-march-2009

The video is really excellent ...

ONE THING UAE GOVERNMENT CAN DO IMMEDIATELY
Posted by Sat on Tuesday 17 March 2009 at 10:55 UAE time


start taking AND actioning with good measure the general population + industry's feedback via a UAE FORUM that is working tirelessly to ensure investments are protected, people stay, plans go ahead, banks lend---all the good things that's gonna help achieve the 2015 Strategic Plan.

I do not look to the US as the best benchmarks usually but guess what: we could do with just 30% of what OBAMA has done since he took office..

A consistent, transparent, confident approach and SOLUTION & COMMUNICATION to everything that is happening!

Every other business owner I have spoken is predicting Sumjmer to be the worst for business in memory.

Get CRACKING UAE.

Or maybe Arabian Business.com could help forward all our suggestions/comments that we share. Is something coming out of this:)?

Response to economic crisis
Posted by Wilhelm Niederhauser, Sharjah, UAE on Tuesday 17 March 2009 at 10:44 UAE time


The UAE had its brightest leaders and economists shaping the country to such enormous progress and reputation. Now at times of a global financial crisis, it would be important to reduce the impact on the UAE, by setting urgent and decisive measures. In my view, an immediate restoration of 3-year renewable residence visas, as well as a revision in property prices and payment schemes would boost the real estate sector, which was an important pillar in the growth of the UAE.

please explain
Posted by johann, Dubai, United Arab Emirates on Monday 16 March 2009 at 15:43 UAE time


If this is the case, why do people who book a emirates flight out of a certain european country get their invoice with a letterhead of etihad airlines, it happened to a friend of mine, just wondering ?

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