The Ruler of Dubai, Sheikh Mohammed bin Rashid al-Maktoum said on his website www.uaepm.ae that worst of financial crises is passed and he declined all the rumours that he had been ill were part of a “psychological war” against the Gulf emirate .
Sheik Mohammed bin Rashid Al Maktoum, who is also vice president and prime minister of UAE, made the comments during an online exchange with local and international Arab news outlets. The online question-and-answer session, posted over the weekend, was Sheik Mohammed’s first such exchange in eight years.
“The rumours about me are part of what resembles a psychological war against Dubai over the past months … I am well, praise God, and my health is in the best form”, said Sheikh Mohammed.
Dubai’s decision to allow foreign investment in property in 2002 kicked off a regional property boom, but it has since suffered under the global financial crisis.
Sheikh Mohammed added, “We did not at any time feel that the financial crisis is a threat. The worst is over and behind us. Since the eruption of the crisis, we did not hear of any state-owned bank or company announcing bankruptcy. None of the economy sectors was broken.”
“The measures we have undertaken so far have shifted the UAE economy from crisis mode to solution mode. We are currently implementing plans and programmes of action to ensure recovery”
According to GulfNews report, “Top business community leaders have said they are upbeat about the UAE economy after the country’s leadership affirmed confidence in weathering the financial storm, and noted that it will help create stability and bring back confidence in the market.”
“Shaikh Mohammad’s responses have& put an end to all speculation concerning the national economy and the local market conditions. It is time for us to come together and demonstrate unilateral support for our government,” said Hesham Al Qassim, CEO of Dubai Real Estate Corporation.
Sheikh Mohammed said, “We are confident that our national establishments’ abilities, combined with the economic measures undertaken by the government, will lead to economic growth this year.”
He said Dubai would not introduce income taxes as a way of financing any budget deficits. and more important our tourism industry was in “good shape”.