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UAE faces “challenges,” not recession, Sheikh Mohammed stresses

Dubai’s ruler discusses UAE economy in CNN interview to be aired next week.

June 23, 2010 11:17 by

In an CNN interview, to be aired in its entirety later next month, Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, said that the country’s economy is strong, despite the economic downturn that has affected world economies.

Sheikh Mohammed highlighted the resilience of the UAE economy, announcing that Emirates airline would purchase additional new aircraft next month, and that the Emirates Group has plans to place a large aircraft order at the Farnborough Air Show in July, Emirates Business reported Wednesday.

“The recession is a global phenomenon and I do not think that we in Dubai fear it, but instead we consider it a challenge,” he was quoted as saying.

Sheikh Mohammed referred to the UAE’s “challenges,” but denied that the country is suffering from a true recession, adding that opportunities present themselves in the midst of crises.

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