| 10 Nov 2009 |
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'Dubai well placed to start a new round in excellence march'
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His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, yesterday stated that the worst of the crisis is over and that Dubai is well placed to "start a new round in its march towards excellence".
Speaking to international investors at a conference in Dubai, Sheikh Mohammed said: "I am confident that the worst has passed, and that as the global economy stabilises, Dubai today is well placed to exploit its inherent strength and key strategic location."
Emphasising Dubai's role in the future of the global economy, Sheikh Mohammed said: "The international economic crisis will not move Dubai from its distinguished position that placed it at the heart of the world, as a link between the East and the West. The infrastructure available in Dubai, including air and sea lines, has great efficiency that supports our capabilities to penetrate other markets in the region and enhance connectivity with other parties."
Speaking about the unity of the emirates as a federation, he said: "Dubai is not alone. It is an inseparable part of the UAE and this solid and strong federation holds each emirate as a great, strong structure.
"So the success of Dubai is an extension of the success of Abu Dhabi and vice versa. It is also true for the rest of the emirates forming the federation. The success of the federation is the success of Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah and Fujairah, which form an undefeatable union and a strong citadel that will not be allowed to fall in front of challenges. This union is the source of our strength and confidence.
"We in the UAE, under the leadership of my brother, His Highness Sheikh Khalifa bin Zayed, the President of the UAE, continue the march started by the late Sheikh Zayed bin Sultan and my father Sheikh Rashid bin Saeed, starting from the 1970s. They both laid the corner stone of the UAE Federation, which was the blessed birth of our nation."
Sheikh Mohammed expressed confidence that the second part of Dubai's bond programme will be "highly received by subscribers" and the resulting money "would be directed to settle Dubai's financial obligations in the coming years".
"The global economic crisis will not suppress the will and determination of Dubai's citizens in their march towards development. Though I agree that words are easy to say, the real test will be implementation. I have full confidence in our ability to act," said Sheikh Mohammed.
"Our development journey was, and will be, a race towards excellence... a race towards establishing Dubai as a leading business centre and ensuring its credibility as an unchallenged financial and trade capital in the Middle East.
"Our celebration of the inauguration of Dubai Metro was a practical testimony of our determination to strengthen Dubai as an international city covering all pillars of excellence in the short and long run," he said.
Mohammed on twitter
Emphasised that Abu Dhabi, Dubai and other emirates are strong and united in the UAE... we're all one tribe, one family
Pleased to meet investors today and discuss economy, UAE unity and the future
Dubai's real economy has been and will continue to be based on our 4 key competitive strengths: finance, trade, logistics and tourism.
By Staff Writer
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