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Mansouri Sees ‘Clear’ Signs of Crisis Bottoming Out

DUBAI — The UAE has left behind the worst phase of global financial turmoil, as there are clear signs the crisis is bottoming out, the country’s Minister of Economy said on Tuesday.

The government has taken many steps to counter the impact of the financial crisis, including measures to safeguard bank deposits and support the banking sector, Minister of Economy Sultan bin Saeed Al Mansouri said in an address to the first Middle East summit organised by the Swedish Trade Council.

These steps have played a positive role in “transcending the most difficult times and ensuring gradual recovery. The outcome will be definitely evident in 2010,” the minister said.

Al Mansouri said that the UAE was one of the first economies in the region to take swift action to cushion the impact of the global downturn. “While economists continue to debate how long the global financial crisis will last, we, in the UAE, are convinced that the worst is behind us. We see clear indications that the crisis is bottoming out,” he said.

The global crisis, he said, also has opened doors to “umpteen” business opportunities, especially for small and medium-sized firms. “The SME sector is regarded as a safe alternative for investments for governments and businesses all over the world,” he added.

The UAE leadership values innovation and is investing in building innovation centres, an area where Sweden can share its expertise.

The first national centre for innovation would open in 2010, focusing on the environment, education, IT and renewable energy, Al Mansouri said.

issacjohn@khaleejtimes.com