UAE securities and properties affected by world financial crisis : Al Suweidi

Ajman, Feb 3, 2009 (WAM) - The UAE - like the other countries of the world, has been affected by the current international financial crisis in term of valuation of securities and properties, Governor of the UAE Central Bank HE Sultan bin Nasser Al Suweidi admitted today.

''The apex bank views the slump in securities and prices as a correct and natural move as is happening in international markets ............low cost will definitely will contribute to sharpening the UAE's competitive edge in term of luring investment in comparison with other commercial hubs,” he said, noting the crunch had helped to bring inflation down, a development that will benefit all segments in the community.

The governor was speaking to reporters on the sideline of the opening today of the Ajman Bank by H. H. Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council member and ruler of Ajman .

''The world financial crisis requires the government to contemplate or take an economic corrective measure ...... the Central Bank has begun injecting Dh 50 billion into the banking system and the government pumped Dh 70 billion divided into three tranches as per provisions set by the bank and the government,” he said.

The crisis, he noted, spared no sectors, spreading beyond the banking sector.