Full steam ahead for UAE investment - Dubai ruler

By Claire Valdini
  • Sunday, 8 April 2012 10:05 AM
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The UAE’s vice president and ruler of Dubai has pledged to push ahead with the Gulf state’s ambitious investment strategy.

Speaking days after a United Nations report ranked the UAE as the happiest country in the Arabian Gulf, HH Sheikh Mohammed bin Rashid Al Maktoum, said the Gulf state would continue to invest in its citizens' futures.

 “We are pressing ahead with our plans to invest in our resources to achieve comfort and happiness to all,” Sheikh Mohammed said in a statement to state news agency WAM.

“It is the duty of the government to provide citizens with excellent quality of life, prosperity and opportunities to the citizens to achieve happiness,” he added. 

“This requires rallying efforts, formulating right policies and laws, ensuring security, justice and safety to the community, tending to the underprivileged segments and the continuously developing infrastructure. It also requires clear plans, capable teams and optimum use of available resources.”

The oil-reliant UAE economy is still recovering from its 2009-2010 debt crisis in Dubai, marked by a US$25bn debt restructuring and record high provisions against bad loans, many of them to government entities.

The UAE economy is expected to grow nearly four percent this year, the Gulf state’s Economy Minister Sultan bin Saeed Al Mansouri said last month. The prediction was more optimistic than the forecast by the International Monetary Fund, which said economic growth would slow to 2.3 percent in 2012.

The Gulf state was last week ranked 17th worldwide in a United Nations happiness survey, making it the second happiest country in the Middle East behind Israel. Neighbouring Gulf states Saudi Arabia, Qatar and Kuwait, ranked as the 26th, 29th and 31st happiest places in the world, respectively.

The least happy places in the Middle East were Yemen, Afghanistan and Palestine, the report judged.

“The development plans we approved, the initiatives we launched and the policies and laws enforced, have all but one goal; to bring about happiness to the citizens, their families and their children. What we have achieved so far is just an initial milestone that will be followed by harder work and more accomplishments so we can become the world's best,” said Sheikh Mohammed. 

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Posted by: LoneStar Sunday, 8 April 2012 7:48 PM[UAE] - UAE

Long live UAE, Long live our Union! May God bless this land and protect it from all evil. The citizens of this country are our brothers and sisters, who opened their doors for us to live the Andalusian dream. May God bless the souls of Zayed and Rashid and guide their sons along their footpaths.

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Posted by: Well wisher Sunday, 8 April 2012 2:25 PM[UAE] - UAE

Congratulations to the UAE on UN ranking it as one of the happiest place to live. That is a good news.

However, as an expatriate resident of nearly two decades, few suggestions:

1. Let us learn from the mistakes of property boom during 2004 to 2008. We still do not have well structued legal framework which is fair to all stake holders. This is a must to ensure that when next investments come around, they stay here longer and investors feel secure.
2. Let us not try to see Dubai and Abu Dhabi as competitors. Let us try to supplement each other's strengths. Any country has a political capital city and economical capital. Let AD be political capital and Dubai be economic capital. Dubai has already well built infrastructure to support this strategy.
3. Let us not encourage speculation. Let real economic activity spur growth and wealth creation and not speculation.
4. Focus on industrial activities and not just real estate.

Posted by: Bin Hirb4 Sunday, 8 April 2012 5:42 PM[UAE] - Singapore

agree with that and would only add a faster and more accessible justice for all.

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Posted by: SELWIN ILANGOVAN Sunday, 8 April 2012 1:30 PM[UAE] - Dubai, UAE

U.A.E. was and U.A.E. is and Hope U.A.E. will be the ideal Place to invest all Business People around the world..

U.A.E. has a lot of opportunity for all Businessmen for their investment in Private Companies, Free Zone Companies or in any kind Trading that can be done by Dubai . U.A.E. Free Zone Base.

We sincerely appreciate all the Rulers of U.A.E. who has allowed the International Business people to expand their business or to operate their business..

Our good wishes to all the Leaders of UAE and Special wishes to Sheikh Mohammed Bin Rashid Al Maktoum on the occasion. Regards and God Bless U.A.E. and its Leaders... Selwin Ilangovan

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