UAE is able to ride over world financial crisis

Vice President and Prime Minister of the UAE and Ruler of Dubai H. H. Sheikh Mohammed bin Rashid Al Maktoum has called on CEOs and owners of companies operating in the UAE to look forward toward a future that promises action, confidence and firm will of change.

” Both public and private sectors must shun the will of imposing the status quo policy and adhere to the will of change for the better. Public-private sector partnership is crucial to reach this goal, Sheikh Mohammed said as he welcomed yesterday at Zabeel Palace CEOs of Arab and foreign economic, financial and technological companies along with a group of prominent investors and businessmen.

They paid a courtesy call on the Vice President to extend best wishes for good health and happiness to him and more progress to the UAE on the occasion of Ramadan.

Sheikh Mohammed exchanged with his guests views on the latest economic and financial developments regionally and internationally and his outlook for the local and global economy.

He affirmed to the audience that the global financial crisis ”is a passing cloud that will not stay longer despite pessimistic speculations and analyses by economists and financial experts. Sheikh Mohammed said he was upbeat and confident of the resilience and ability of the UAE government to join forces with the private sector to ride over the crisis.

Sheikh Mohammed heard from the elite of business community their points of view on the current recession on the global economy and growth. They considered the current situation as nothing more than ‘’storm in a cup” and the business will return as usual.

They said they were confident of the sound, swift measures taken by leadership and government of the UAE to overcome the slow down and usher into a state of optimism and vibrancy. They said economic, financial and banking institutions were flashing signs of recovery at the lowest losses regionally and globally.

Sheikh Mohammed was assured of the strong financial situation of these companies, affirming ”they are sound and there is nothing to panic or fear about the future under the available protection and incentives offered by the UAE government in light of the new local and global reward-oriented policies.

The meeting was attended by H. H. Sheikh Hamdan Bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, H.H. Sheikh Majed bin Mohammed bin Rashid Al Maktoum, Chairman of Dubai Culture and Arts Authority, H.E. Mohammed Abdullah Al Gargawi, Minister for Cabinet Affairs, H.E. Reem Ibrahim Al Hashemi, Minister of State, and a number of senior officials.