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Wed 9 Sep 2009 02:08 AM

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Sheikh Mohammed says financial headwinds easing

Dubai ruler says global crisis yet to run course, but Dubai remains sound.

Dubai will consider small changes to its development strategy and be more careful in the future as a result of the financial crisis, the ruler of the emirate said on Tuesday.

Ruler Sheikh Mohammed bin Rashid al-Maktoum said the global crisis had yet to run its course but that financial headwinds were easing and that Dubai was sound.

"I don't think we made any mistakes," he told reporters at a briefing. "Our strategy will be really the same but things will change a little bit because of this crisis and we will be more careful now."

Sheikh Mohammed, who is also prime minister of the UAE, said Dubai - home to man-made palm-shaped islands and the world's tallest building - would be "more careful about doing the right projects" in future.

Late last week Sheikh Mohammed told businessmen that he was upbeat about the ability of the UAE government to join forces with the private sector to get over the crisis, adding it would continue to provide an investment-friendly environment.

The UAE is the top recipient of foreign direct investment in the Gulf Arab region. (Reuters)

Jebel Ali Baba 10 years ago

It is not the leaders who did wrong. It are the greedy company owners and managers who couldn't get enough. The only fault of the government was not to stop it earlier and put reglementations and rules in place to avoid a downturn like this. Too many wanted to become a millionare in a moment.