DUBAI — His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said on Thursday the level of participation by local and international developers at Cityscape 2008 was a sign of confidence in UAE’s domestic economy.
“Our national economy, banking sector and financial markets are sound. They draw their strength from a long-term vision, boosted by flexible legislations that protect local and foreign capitals. The services sector is witnessing a significant growth and increasing demand,” Shaikh Mohammed said as he visited Cityscape 2008 on its final night. The UAE economy was able to weather economic downturns, even during the Gulf’s first and second wars, he said.
Shaikh Mohammed attributed the country’s ability to grow to the clear vision, world-class infrastructure, availability of local and international expertise and the attractive business environment.
Commenting on the current changes in the international financial markets, Shaikh Mohammed said UAE’s economy was far from being affected by the credit gloom. He was referring to the current surge in real estate demand.
He reassured UAE and foreign investors by saying, “Our economy and markets are doing well. Our economic history shows the sound vision of the country’s leadership and the best example for that is the huge demand witnessed in all sectors, specially the real estate.”
“We launch initiatives on financial, educational, technological and media fronts and then attract investments from all over the world which shows the success of such initiatives. The new projects we launch are becoming a magnet for the world’s best expertise. These projects require associated facilities such as health, education, housing and telecommunications and prompt more investments,” he explained.
Shaikh Mohammed noted that the key players in real estate developments were government or semi-government national companies, accounting for 90 per cent of the companies operating in this sector.
He concluded by saying that the government had the determination and experience to protect the national economy and financial markets.