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RISK MANAGEMENT
“For us in the UAE, I can safely say that we have succeeded in
containing the risks of the global financial crisis in record time.
The actions that we took at the Federal Government [level] were
really fast and well thought-out to respond to the issues and to
overcome the negative effects of the global crisis. Having said
that, our economy has shifted from crisis mode to the solution.
However, should we face future developments [necessitating]
further actions, then we won’t sit back.
“We did not at any time feel that the financial crisis is a threat.
The worst is over and behind us. None of the economy sectors
snapped. We are currently implementing plans and programmes
of action to benefit from the lessons of the crisis and ensure the
recovery of the negative effects.
“Yet I cannot predict that the global economic recovery will
proceed without potential hurdles. I cannot also claim that the
repercussions of the economic financial meltdown are over yet.
Increasing financial support to other business sectors is probable,
pending the actual needs of each particular sector.”
MOVING FORWARD
“Whether available global credit declines or increases, the model
of our economy is stable and is developing within the framework
that we created earlier. Dubai’s needs for credit tend to decline
and the government’s loans, which are modest compared to the
size of the economy, all concern investment in infrastructure,
not current expenditures or operational budgets. The majority of
our infrastructure projects are of a long-term productive nature,
such as the Dubai Metro, the expansion of the power generation
station, and so on.
INVESTMENT OPPORTUNITIES
“We will continue working on infrastructure projects without any “Investment plans have no limits or boundaries. There are foreign
delay. What is currently under implementation will be completed, investments in the UAE, and the UAE in turn has countless
while we will re-schedule the new projects. Plans are always investments in many regions of the world. Investments imply
subject to change in normal times and in times of crisis. promising opportunities in a favourable environment. This is what
attracted foreign investment to the UAE, and the investment
“We are completely aware of our capabilities and we don’t environment remains favourable in the UAE; the opportunities
overestimate our abilities. Dubai’s success in introducing a unique are still promising, and the UAE is still the most important regional
developmental model has gained remarkable international centre for business and international trade. Today, it is more
recognition. The international focus on Dubai is absolutely normal. promising than ever before, and the advent of smart investors to
During crises, people usually turn their attention to those who have the UAE has not stopped.
a proven successful track record. The current crisis has brought
Dubai’s developmental model with all its successes into a tough test. “Sovereign funds are already investing in the Arab world. What is
important is creating a favourable investment environment and
Dubai’s achievements are part of the UAE’s remarkable progress. the appropriate channels. We have to be sure that investments
I know that some people from outside the region have wished are governed by the logic of economic feasibility, leaving
that the Dubai model will go down the river. The UAE has proven aside any other presumptions. I am talking from experience.
remarkable competency in addressing difficult questions The UAE’s investment environment has attracted huge
imposed by the global financial crisis. I strongly believe it won’t Arab and international investments. I am fully confident that
be long before international focus will shift from what is claimed Arab investors, notably GCC ones, will prefer to invest in the
to be Dubai’s shortcomings to Dubai’s -and the UAE’s - overall Arab countries if favourable investment environments and
success in passing this difficult test.” opportunities are abundant.”
t
PREVIEW Cityscape Dubai
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