| 20 Nov 2008 |
|
Projects in Dubai to continue as scheduled
- Text size
Nasser Al Shaikh, Director-General of Dubai Department of Finance, has stressed infrastructure projects in Dubai, including Roads and Transport AuthorityRoads and Transport Authority
plans and the new airport in Jebel Ali, would continue as scheduled in Dubai Strategic Plan for 2015.He said due to the global financial crisis and new challenges that Dubai may face, there would be some postponements in real estate projects. However, he stressed the property projects that are under construction or have been announced would go ahead as planned.
Al Shaikh said the Supreme Financial Committee studying challenges of the financial crisis would also study challenges facing Dubai Strategic Plan and introduce due revisions and amendments to the plan according to the new developments. "We were expecting a growth rate of 11 per cent annually until 2015, but with the current situation this will not be achieved. However, Dubai will continue to witness growth in its economy, but at lower rates."
He said the financial crisis would lead to essential changes in the business models around the world and the target of the committee is to make Dubai the first place to rebound when the recovery of the global economy starts.
"There is no country immune to such crisis and we will continue to study its implications to deal with its expected impact," he added.
Al Shaikh acknowledged that there was a lack of transparency in the past and he promised to be open regarding the outcome of the committee's work. He also announced that Dubai would revive and restructure a special panel, which was formulated 18 months ago to look at Dubai credit rating.
"The work of this panel was inactive in the past because its rule was not critical and we had easy access to credit. Now, the panel has become critical and we will activate its performance next year," he added.
Regarding the UAE's banks recovery plan of Dh70bn, Al Shaikh stressed the second instalment of the plan worth Dh25bn was under process at the Ministry of FinanceMinistry of Finance
and would be introduced by the end of next week.Mohamed Ali Alabbar, Chairman of the committee and also Chairman of Emaar Properties, is expected to reveal details of the committee's work next week.
Other members of the committee include Mohammed Al Gergawi, Minister of State for Cabinet Affairs, Mohammed Al Shaibani, Chairman of Dubai Islamic Bank, and Essa Kazim, Chairman of Borse Dubai.
By Mohamad Al Kady
x
DISCLAIMER
Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
Access to this article is subject to specific terms and condition.
Loading ...Free Newsletter
Get the latest news from Construction and other Free newsletters.
Post a Comment
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.