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Dubai ruler says crisis over
Country: Dubai, United Arab Emirates
20 April 2009 The ruler of Dubai, Sheikh Mohammed bin Rashid al-Maktoum, believes that the worst of the financial crisis in the emirate, is now over, Reuters report.
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. "We did not at any time feel that the financial crisis is a threat. The worst is over and behind us," Sheikh Mohammed told the media yesterday. "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," he said. He said Dubai would not introduce income taxes as a way of financing any budget deficits. "We are confident that our national establishments' abilities, combined with the economic measures undertaken by the government, will lead to economic growth this year," Sheikh Mohammed said. He did not give a forecast for real economic growth, but said it would be lower than in previous years. "The measures we have undertaken so far have shifted the UAE economy from crisis mode to solution mode," Sheikh Mohammed added. "We are currently implementing plans and programmes of action to ... ensure recovery...."
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