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Discuss this article (11 Comments)Former DIFC chief says Dubai needs more support
by This email address is being protected from spam bots, you need Javascript enabled to view it on Thursday, 29 October 2009
DUBAI VIEW: Former DIFC CEO Nasser Alshaali has said he believes Dubai needs more state support to ensure it emerges from the global crisis. (ITP Images)
The former CEO of Dubai International Finance Centre (DIFC) Authority has said he believes more state intervention is required to ensure Dubai’s recovery from the global financial crisis.
Nasser Alshaali, now CEO of UAE-based boat and yacht maker Gulf Craft, said the fallout from the downturn caught Dubai by surprise and that further policy changes were needed to bolster the emirate’s path out of the crisis.
“Dubai was definitely hit very, very badly. You talk to the businessmen and they’re all shocked. In the fall of 2008 and the spring of 2009, there was an air of desperation. We thought we were immune,” he told Arabian Business in an interview.
“Then it was the hope we could survive. But it will take, and it will continue to take, more policy changes with respect to the government; regulatory as well as fiscal policy and stimulation.”
To date, half of a $20bn sovereign bond programme, a shot in the arm for ailing state-backed companies, has been launched. The second tranche of $10bn is expected shortly.
Dubai has been the subject of a feeding frenzy by the Western press in recent months, which has questioned the emirate’s ability to support its estimated $80bn debt, and highlighted the reported $300bn worth of projects on hold.
The negative coverage was to be expected, Alshaali said, and would benefit Dubai in the longer-term.
“There’s not much I can say about this. It’s easiest to shoot down the person flying highest,” he said. “You can’t have that much attention drawn to yourself in a positive light, and then not expect it to turn negative when things turn negative.
“As long as Dubai survives this, it will be better off. Even with the negative press. And chances are it will.”
More broadly, he added that he had “no worries” over the Gulf region’s ability to rebound.
“Regionally, the good news for us is the same good news we had in boom times; the fundamentals are very strong. Liquidity is very strong. The demographic situation is still what it was, and that is cause for optimism.
"And the commodities story is still very strong - not just oil, but aluminum, copper, gold – it is one of the huge untapped opportunities here, and some of the world’s largest deposits are in Saudi Arabia, basically untouched.
“There’s no worry from my perspective over the health of the region.”
Read the full interview in Sunday's edition of Arabian Business magazine.
READERS' COMMENTS
Disclaimer: The views expressed here by our readers are not necessarily shared by ArabianBusiness.com or its employees.
Arrogance gets you nowhere
Posted by CT on Sunday 1 November 2009 at 12:41 UAE time
My dear Salwa who built this city and the rest of the UAE for you. Certainly not you nor 90% of emiraties. Other countries build themselves up (the citizen belonging to that country) but here you have asked the rest of the world to build it for you. So don't you get up on your high and mighty pedestal and think the world owes you because it doesn't owe you anything. People like you who make comments like you have just done, lack RESPECT for others. It's the one who builds that becomes part of that building. In this case it's all the people that built the UAE that are part of the UAE whether you like it or not.
Posted by CT on Sunday 1 November 2009 at 12:41 UAE time
My dear Salwa who built this city and the rest of the UAE for you. Certainly not you nor 90% of emiraties. Other countries build themselves up (the citizen belonging to that country) but here you have asked the rest of the world to build it for you. So don't you get up on your high and mighty pedestal and think the world owes you because it doesn't owe you anything. People like you who make comments like you have just done, lack RESPECT for others. It's the one who builds that becomes part of that building. In this case it's all the people that built the UAE that are part of the UAE whether you like it or not.
no offense
Posted by Ishaq, Dubai, UAE on Saturday 31 October 2009 at 17:52 UAE time
Our wise leadership and all of us welcome expats who are our dear guests but also you shouldnt demand the impossible. We have to be realistic and no offense to anybody ok.
Posted by Ishaq, Dubai, UAE on Saturday 31 October 2009 at 17:52 UAE time
Our wise leadership and all of us welcome expats who are our dear guests but also you shouldnt demand the impossible. We have to be realistic and no offense to anybody ok.
Dear Salwa Khalfan
Posted by Dan, Stockholm, Sweden on Saturday 31 October 2009 at 17:21 UAE time
Guests are people who come to your house and whom you take care of for a few days. A guest in your house doesn’t have to work or pay and I know for a fact that most Arabs in general and Emiratis especially are very hospitable people.
People who come to UAE work and pay for everything. They are NOT guests. Your leaders wanted people to come to UAE to invest and work. I understand some of Emiratis don’t like the demographic situation as you feel you are being overwhelmed by foreigners.
Again, if you don’t want them, no problem, say so and start sending them back. It is your country. But if you let them stay year after year, they will demand changes. It is normal and happens in every country.
You should know that people with a different opinion then yours are NOT enemies of UAE. I visit Dubai 3 times a year as a tourist and love the city and admire its progress.
Posted by Dan, Stockholm, Sweden on Saturday 31 October 2009 at 17:21 UAE time
Guests are people who come to your house and whom you take care of for a few days. A guest in your house doesn’t have to work or pay and I know for a fact that most Arabs in general and Emiratis especially are very hospitable people.
People who come to UAE work and pay for everything. They are NOT guests. Your leaders wanted people to come to UAE to invest and work. I understand some of Emiratis don’t like the demographic situation as you feel you are being overwhelmed by foreigners.
Again, if you don’t want them, no problem, say so and start sending them back. It is your country. But if you let them stay year after year, they will demand changes. It is normal and happens in every country.
You should know that people with a different opinion then yours are NOT enemies of UAE. I visit Dubai 3 times a year as a tourist and love the city and admire its progress.
Our beloved guests in the UAE
Posted by Zaka Ullah Khan, Faisalabad, Pakistan on Saturday 31 October 2009 at 13:29 UAE time
You just said it, kindly note that for most of the people a guest is a burden maximum on his / her third day. You spend five years in any European country (without a criminal record) and you get recognized as a worthy person to become a citizen of that country. In return you find a person who is willing to give his life for that adopted country and his next generation is more loyal. This is the reality and you should reconsider your opinion because opinion could be wrong but not the truth.
Posted by Zaka Ullah Khan, Faisalabad, Pakistan on Saturday 31 October 2009 at 13:29 UAE time
You just said it, kindly note that for most of the people a guest is a burden maximum on his / her third day. You spend five years in any European country (without a criminal record) and you get recognized as a worthy person to become a citizen of that country. In return you find a person who is willing to give his life for that adopted country and his next generation is more loyal. This is the reality and you should reconsider your opinion because opinion could be wrong but not the truth.
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