Rumors of Dubai’s economic failure is “wishful thinking,” says Sheikh Mohammed

Rumors of Dubai’s economic failure is “wishful thinking,” says Sheikh Mohammed

In his first e-Session with the media, Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai, answers questions on Dubai’s future, the government’s reaction to the global economic crisis and his reaction to the Dubai-bashing articles published abroad.

June 3, 2009 8:58 by Dana El Baltaji

Dubai’s economic foundations are sound, and have allowed the emirate to cope with the financial crisis efficiently, said Sheikh Mohammed bin Rashid Al Maktoum in his first e-Session with the media on his website.

Journalists were invited to submit questions to the prime minister in a bid to increase communication between the media and the government.

When asked about the emirate’s future, and the criticism it has received for its aggressive growth strategies, Sheikh Mohammed replied that “it seems that the success of the Arab, whether individual or state, city or a company, is seen as unacceptable. It seems that seeing distinct images of successful Arabs and Arab countries disturbs some people. They would rather stick with the distorted images of Arab stereotypes in their minds.”

“With regard to the fact that the global crisis effect threatens Dubai’s growth and economy, I can guarantee you that those references constitute “wishful thinking” on the part of some people; they are illusions, not realities,” he added.

As for Dubai’s propensity to build the structures that break world records, the ruler claims that Dubai is “not growing in order to be a model for its highest building in the world, best airport, and most luxurious hotel, and the largest seaport and man-made islands. These landmarks and features are unique and famous all over the world. But the Dubai model is beyond that. Dubai is an Arab city with scarce natural resources but with a clear vision of comprehensive development and social needs. It is a city that succeeded through its investments in human resources, its unique geographical location, and its trade expertise. This has enabled us to achieve unmatched growth and to become the focal connection between the East and West. Dubai has proved as well the possibility of coexistence of different cultures in an open and tolerant Arab Islamic environment.”

And finally, Sheikh Mohammed assured the public that both the emirate and the nation has coped well the economic crisis in “record time,” and that the worst is behind us: “This is a result of the good policies of the Central Bank, and the government’s action to ensure the liquidity of banks and the protection of deposits, and other actions at the local level, such as the additional liquidity that the Abu Dhabi government pumped it into the Emirate’s banks and the bond issuance of $20 billion bonds.”

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Click here for the full transcript.