The President’s speech was read out by His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, at the opening of the Fourth Ordinary Session of the 14th legislative chapter of the Federal National Council (FNC) in Abu Dhabi.
“We are confident that the steps and measures that we have taken so far would contribute to the return of initiative to our economy... and continue the march of growth and construction with greater confidence and zeal,” Shaikh Khalifa said.
“Despite the negative reflections this crisis has meted out on us, however, it has proven how our economy is firm and resilient to contain its diverse repercussions firmly and confidently,” he said.
The comments came amid mounting evidence of economic recovery taking hold, both at home and abroad, buoying investor sentiment and sending UAE stock markets and oil prices, the country’s major export, to their highest
levels this year. The Dubai Financial Market index recently touched an 11-month high, and oil breached the $80 a barrel mark on Wednesday.
“Our national economy is fully integrated and enjoying the shadow of the federation as a decisive option which regulates all walks of our life and stands up to all challenges we may face,” Shaikh Khalifa stressed.
Dubai is expected to launch the second tranch of a $20 billion bond programme this quarter. The UAE central bank bought the first portion of the bond worth $10 billion.
Separately on Wednesday, the UAE’s economy minister said the economy was set to grow 1.3 percent in 2009.
“This would be a good figure,” Sultan bin Saeed Al Mansouri told Al Arabiya television.
In September, the central bank governor had said that the economy could contract or register a low growth rate.
Shaikh Khalifa praised the role of the FNC as one of the basic foundations of the federal structure. He urged FNC members to continue their efforts in assessing the needs of citizens.
“The drive of parliamentary participation and work in the UAE has always been a conscious one and sprung out of our circumstances and requirements. This experiment offers a special model in democratic practice.”
Shaikh Mohammed launched a redesigned FNC website on Wednesday.
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