“An executive sub-committee was formed to oversee plans for the ‘Dubai 2020’,” it said.

Dubai’s ruler Sheikh Mohammed told the inaugural meeting of the Dubai 2020 working group on Monday that it is “not impossible” for the emirate to win the bidding to host the Olympics, WAM added.

“Nothing is impossible as long as we have the determination for change,” Sheikh Mohammed, who chaired the meeting, was quoted as telling group members.

Dubai, part of the seven-member UAE, witnessed a six-year real estate and financial boom but has suffered as a result of the global financial crisis.

Rome and Venice are reportedly preparing to bid for the 2020 summer games. Other cities including Cape Town, Durban, and Rabat have also been mentioned as possible candidates

Palermo in Italy said last month that it would bid while Hiroshima and Nagasaki are considering a joint bid.