DUBAI UNDETERRED BY FINANCIAL CRISIS, SAYS RULER

By Abdul Muin Majid

DUBAI, Nov 10 (Bernama) -- Dubai's ambitions of implementing its development
plans will not be deterred by the global economic and financial crisis, said its
ruler Sheikh Mohammed bin Rashid Al-Maktoum.

In a speech to investors Monday, he reckoned that the emirate had passed
the worst of the economic slowdown.

"As the global economy stabilises, Dubai today is well placed to exploit its
inherent strength and its key strategic location to start new rounds in its
march towards excellence," said Sheikh Mohammed who is also United Arab
Emirates' vice-president and prime minister.

"I have full confidence in our ability to act," he said in a speech designed
to, among others, inspire investor confidence.

According to Sheikh Mohammed, some may believe that Dubai could have acted
faster in combating the impact of the international financial crisis.

"However, we preferred to wait rather than rushing because we're keen to
ensure strengthening of our major enterprises and restructure it in a way that
will have the momentum and the strength to cope with the realities of the new
economy," he explained.

He described Dubai's development journey as a race towards establishing the
Gulf emirate as a leading business centre and ensure its credibility as an
unchallenged financial and trade capital in the Middle East.

"The economic slowdown has offered us an opportunity to sit and consider the
world around us. I believe that such space is important to catch our breath and
work on reinforcing our competitive capabilities to resume the race," said the
ruler.

The global credit crunch has hit Dubai economy hard, most notably wiping the
lustre off its property sector.
-- BERNAMA