Sheikh Mohammed Q&A: On global financial crisis |
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In light of the current financial crisis, do you expect to achieve your vision by 2015? Or will you have to adjust some long-term goals and expect the same results by 2020? In essence, when do you expect Dubai and the UAE to reach the end of the current crisis? -Julian Becker
Thank you for your question, but you need to distinguish between a vision and a plan. My vision is open towards the future, with no limits whatsoever, whereas strategies and plans designed to enact this vision are always adjustable to circumstances.
In 2005, we were successful in achieving the objectives of the 2010 plan. Therefore, we had to revise our plan, coming up with the 2006-2015 plan. Following a similar logic, the implications of the global financial crisis require that we revise our 2015 plan. The plan is currently under a careful review, wherein we are monitoring all the developments on financial markets and the global economy.
Should we feel that the timelines set for our initiatives need to be adjusted we will adjust them in order to maintain a reasonable and actionable plan, and ensure the achievement of its objectives.
As for my expectations, I do expect the achievement of a considerable number of the 2015 objectives, given that the actual achievements during the past years of the 2006-2015 plan have been accomplished ahead of schedule.
Meanwhile, and as for my expectations regarding the recovery of our nation from the implications of the financial crisis, I would like to point out that the signs of recovery have started to manifest, and the duration of recovery is expected to be much shorter than that required for other economies.
After all, our nation possesses a modern legislative framework, our economy is strong, diverse and resourceful. Our financial system is efficient, and our infrastructure is developed to the highest international standards.
We employ the best and most important of human expertise and qualifications and our business networks are established around the globe. Our accomplishments within the past 10 years would take decades to accomplish by other economies.
Your Highness, I am a UAE national pursuing studies in the UK. I have been filled with anger whenever I've seen examples of the campaign launched against the UAE, and against Dubai in particular, by the international press. Your response to media questions through the media e-session has been very relieving to me, as you have been able to comprehensively and accurately clarify the motives behind this campaign and disclose its purpose. However, it really strikes me as very surprising to see that the international press insists to attack the UAE, alternating its attacks between Abu Dhabi and Dubai, despite the recent developments and recovery from the financial crisis. It has been eight months now, and the UAE has successfully handled the implications of the financial crisis. Our banks have proved strong, our liquidity has been improving, our economy has been recovering overall, confirming your statement that we are already over the worst with regard to the financial crisis. What is even more astonishing is that the same international media tend to celebrate the smallest or weakest signals of recovery for Western economies, while constantly criticising the behaviour of UAE economies and digging through old books and slips. -Mohammed Al Ghafly, UAE
I appreciate your feelings. I also congratulate you for your patriotism. Our citizens have always shown similar levels of enthusiasm and patriotism for their nation whenever and wherever they are, and we are proud of that.
We have become accustomed to such negative news. After all, it is the price we pay for our great success and for maintaining an open society.
As you have said, one of the main reasons behind this organised attack against the UAE, and Dubai in particular, is to distort the successful and prominent model of unity set by the UAE.
To that I would add that some of the negative news has been fabricated under the supervision of certain people in positions of authority. They have done this in pursuing their personal interest and agendas. We are aware of the reasons, the sources, and the ways such actions are taken. Everything is clear to us.
As the English saying goes, such negative coverage has become more like "fish and chips" news. We take it in stride because we have confidence in the UAE's ability to continue to make economic and social progress.
© Emirates Business 24/7 2009
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