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Global financial crisis redefined UAE’s growth strategy

DUBAI – His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai on Sunday attended the Dubai Economic Update Forum, which was held to provide update on the state of the economy and commercial activity in Dubai.

The Forum provided a lot of statistics including a summary of the restructuring process that has taken place over that last 11 months at Dubai World.

It was also addressed by Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, Chairman of the Dubai Supreme Fiscal Committee. Director General of the Dubai Ruler’s Court Mohammed Ibrahim Al Shaibani and Dubai International Financial Centre Governor Ahmed Humaid Al Tayer also responded media questions at the forum.
“The slowdown that took place over the last two years gave us in Dubai the opportunity to rethink, regroup, and return to basics in order to leverage on our core, tried and tested competitive edge,” Sheikh Ahmad told media.

“As the world around us has changed we too must adapt. We continue to work on improving the business environment in Dubai. We are making good corporate governance our priority,” he said.

He said Dubai government continues to invest in the education and in the training of our population. “We are preparing our next generation of industry leaders,” he added.

“We continue to work towards improving the level of disclosure and transparency.”

Al Tayer said Dubai has made strides to restructure its debt-ridden companies and no longer will need outside help to meet debt payments.

Al Shaibani said government is considering selling some of its most prized assets, but it’s not right time.

He said, “The possibility of offering a stake in Emirates Airlines to the public is always there and is being studied and considered.”

“But it is well known that offering stakes to the public in solid commercial companies like Emirates is not always useful,” he added.

abdulbasit@khaleejtimes.com