Sheikh Mohammed sees opportunities amid the crisis

Speaking in an unprecedented Internet forum with journalists, Sheikh Mohammed Bin Rashid Al Maktoum, Ruler of Dubai and Vice President of the UAE addressed several questions posed by the region’s media.

“I have received hundreds of questions from several local and regional newspapers. Naturally, there was some overlapping of questions since they came from so many different sources. Hence, I have tried to consolidate my answers in such a manner that I do not come across as repetitious,” Sheikh Mohammed said on his website.

On Saturday, Dubai’s ruler chose to answer the media’s questions whose work he considers “especially significant in telling the story of how Dubai and the UAE are coping successfully with the global financial crisis”.

However, he has assured that he will be answering the questions sent to him by everyday Emiratis in a subsequent communication.

Sheikh Mohammed answered over 75 questions from the region’s Arabic and English-language dailies including Al Reyadh, Al Hayat, Egypt’s Al Ahram, The National and Al Khaleej dailies.

Arabian Business had sent 20 questions concerning Dubai and the global downturn; Sheikh Mohammed's replies on various issues on his website covered answers to nine of these questions.

The Vice President of the UAE emphasised the need for more stringent regulations and monitoring devices for the markets and the economy.

“There are many lessons to be learned from the crisis, the most important one being the assertion of the state’s role in regulating and monitoring the overall economy and markets, and confirming the fact of the global economy’s unity, in addition to the unification of the global market.

“Other lessons learned from the crisis is realising the urgent need to develop the regulations, terms of reference and working mechanisms of international financial institutions to be commensurate with the unified markets and economies, and the involvement of many influential players.”

He also asserted there were opportunities amid the crisis and the UAE should be prepared to benefit from the lessons learned from the crisis and also “be prepared to deal efficiently with the world after the crisis; a world completely different than what it was before”.

Commenting on the UAE, he said that "the forces of federal entities [within the UAE] – the fact is that the strength of these entities is what enabled them to cope with the crisis and contain its negative effects.”

“Sometimes opportunities are born from the wombs of crises. The most important thing is to focus on the future and develop appropriate frameworks that guarantee highest levels of performance on heels of the crisis. Measures undertaken by the government on both local and federal levels will ensure that we shall emerge from the global financial crisis with least damage.

“The UAE has proven remarkable ability in facing and overcoming previous crises. Specialised committees and task forces are closely monitoring the development of the global crisis and analysing its impacts on our economy and subsequently propose action plans to resiliently cope with these ongoing changes.”

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