Dubai is back from financial crisis, Sheikh Mohammed says

Ruler of Dubai says emirate has proved its merits but warns some state departments failing to meet expectations
Dubai is back from financial crisis, Sheikh Mohammed says
Sheikh Mohammed bin Rashed al-Maktoum (R), Ruler of Dubai and Prime Minister of the United Arab Emirates, speaks to his son Rashid during the launching of new initiative Dubai Cares, in Dubai, 19 September 2007. The initiative aims to collect funds to educate one million children in under developed countries. AFP PHOTO/KARIM SAHIB (Photo credit should read KARIM SAHIB/AFP/Getty Images)
By Joanne Bladd
Thu 10 Mar 2011 12:16 PM

Dubai has recovered from the impact of the global financial crisis, the emirate’s ruler HH Sheikh Mohammed Bin Rashid Al Maktoum said Wednesday.

The UAE’s trade and tourism hub proved its financial credentials and core business was strong, Sheikh Mohammed said in a statement posted on his website.

“Past experiences have proved Dubai’s merit as a hub for business and finance with the necessary infrastructure to attract investors from the UAE and abroad,” he said.

The Vice President of the UAE also warned that, while some government departments had performed well in countering the effects of the downturn, others failed to meet expectations.

We are not in the process of holding departments accountable, what's done is done,” he said, adding that all must work towards securing Dubai’s position and achievements.

Dubai was the worst-hit of the UAE emirates, a legacy of the emirate’s rapid rise and fall.

The city had the Gulf’s fastest-growing property market from 2006 to mid-2008, the collapse of which took a significant toll on Dubai’s largest state-backed conglomerates.

Dubai World roiled world markets in 2009 when it said it would seek to change terms on $24.9bn of debt.

The chairman of Dubai's Supreme Fiscal Committee, Sheikh Ahmed bin Saeed Al Maktoum, said Tuesday the state-owned conglomerate will sign its final debt agreement next week.

He said the emirate did not need to make assets sales this year to meet debt obligations.   

Sheikh Mohammed said the crisis required a financial regulatory system to oversee government departments but will not curb future development.

"We must look forward and find ways to work freely without hindrance," he said, warning government officials not to rest on their laurels.

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