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The emirate’s recent debt problems may have shaken the world, but Dubai will bounce back and will soon be back on its feet, say authorities.
December 10, 2009 2:00 by Aarti Nagraj
Even as Dubai’s stock markets are reaching new lows, government officials and other authorities claim that the worst is over and that the city will emerge out of the crisis. Abdul Rahman al-Saleh, director of Dubai’s Department of Finance, said in a speech on Thursday that Dubai would come out of the crisis as a “winner.”
The emirate’s problems caught the world’s attention after Dubai announced on November 25 that it would ask creditors for a six-month debt delay for government-owned conglomerate Dubai World and its property subsidiary, Nakheel. Global markets dropped drastically after the news, but according to al-Saleh, markets are getting back to normal.
“Of course, the reaction by the global markets was psychological, and came strongly. However, the reaction is now softening as investors became more informed about what happened,” he said.
He also accused the international media of creating “blind panic” about Dubai’s economic troubles, although he admitted the emirate wasn’t communicative: “Let me admit, in Dubai we are not good in publicizing what we are doing as much as we are in doing it,” he said.
The UAE President also said on Wednesday that the country has successfully overcome the global financial crisis.
“We have been able to contain the negative impacts of the (global economic) crisis and overcome many of its results and consequences,” Sheikh Khalifa bin Zayed al-Nahayan told Kuwait’s KUNA news agency.
“We have the ability and determination to continue to work in this direction… to remove all obstacles that prevent strong development,” he said.
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