Bloomberg chief says Dubai 'in good shape'

ECONOMIC VIEW: The president of Bloomberg predicted a bright future for Dubai during a speech at the DIFC. (Getty Images)

Bloomberg president Daniel L Doctoroff has predicted that Dubai is likely to emerge from the global financial crisis "in better shape" than many other world economies.

Doctoroff, in a key note address at an event at the Dubai International Financial Centre (DIFC), also said that the Gulf region was less impacted by the financial meltdown than the US or Europe.

"It also has a high surplus of liquidity and oil. All these factors give it a higher probability for fast recovery than Western markets," he said in comments published by news agency WAM.

Bloomberg is the New York-based leading global provider of financial data, analytics and news.

The main message of Doctoroff's speech was that "transformational times require transformational governance" but he also spoke extensively on Dubai's economic outlook in the face of the global economic crisis.

Dubai and the region, he said, have a good chance of coming out of the global crisis in better shape and earlier than others, WAM added.

Doctoroff also pointed to the similarities between New York City and Dubai.

"The New Yorker spirit is famed throughout the world and so is the Dubai spirit. Both characterise an unwillingness to give up in face of seemingly insurmountable odds. Both symbolise the creativity of dreaming the impossible and the diligence that goes into achieving that vision."

As Deputy Mayor for Economic Development and Rebuilding for the City of New York, Doctoroff helped to lead one of the city's most dramatic economic resurgences.

He spearheaded the effort to reverse New York's fiscal crisis after the attacks of 9/11 through a five-borough economic development strategy.

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READERS' COMMENTS

Good Spirit
Posted by Azfar, Dubai, UAE on Tuesday 2 June 2009 at 10:24 UAE time


Well I dont know if it is true that Dubai is in good shape, but I know one thing for sure that the Spirit of Dubai really is very different. I like the comparison of NY and Dubai. I feel Dubai really is a place where everyone feels at home. So lets hope it all settles down, and after summer we see life again.

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