N.O.R.F Posted October 21, 2009 Things are slowly looking up. UAE to rebound with 'greater confidence' - Prime Minister The UAE said on Wednesday its economy would rebound with "greater confidence" thanks to measures taken to reverse the impact of the global financial crisis on the second largest Arab economy. "Despite all the negative effects of the crisis, they have proven that our economy is solid and capable of absorbing its various ramifications," the oil exporter's Prime Minister Sheikh Mohammed bin Rashid al-Maktoum said. "We are confident that the steps and measures that we have taken so far would contribute to the return of initiative to our economy ... and continue the march of growth and construction with greater confidence and zeal," he added in a speech to the Federal National Council, a body that acts like a proxy parliament in the Gulf Arab union of seven emirates. The federation includes key oil exporter Abu Dhabi and trade and tourism hub Dubai, ruled by Sheikh Mohammed. Amid doubts that Dubai might default on debt mainly owed by state-linked entities amounting to around $70bn, Sheikh Mohammed said the federation's economy cannot be looked at in fragments. "Our national economy is coherent that upholds the federation as a final choice that regulates all the aspects of our life and in facing all the challenges we face." Dubai is expected to launch the second trance of a $20bn bond programme this quarter. The UAE central bank bought the first portion of the bond worth $10bn. Separately on Wednesday, the UAE's economy minister said the economy was set to grow 1.3 percent in 2009. "This would be a good figure," Sultan bin Saeed al-Mansouri told Al Arabiya television. In September, the central bank governor said that the economy could contract or register a low growth rate. (Reuters) refered by ...... -> http://www.arabianbusiness.com/ url is -> www.arabianbusiness.com%2F571207-sheikh-mohammed-says-uae-will-rebound-with-greater-confidence http://www.arabianbusiness.com/571207-sheikh-mohammed-says-uae-will-rebound-with-greater-confidence Oil Price is at $80/barrel :cool: Quote Share this post Link to post Share on other sites
FatB Posted October 21, 2009 its interesting to note that conusmer confidence hasnt really taken to much of a battering - confidence seams high in the retail market... Quote Share this post Link to post Share on other sites
Gheelle.T Posted October 21, 2009 Is Al-Makhtoum a prime minister or just ruler of Dubai? Prime minister? Never thought they have such portfolio. learned something!! Quote Share this post Link to post Share on other sites
ismacil mire Posted October 22, 2009 ^^ well,he is more of prime prince than minister anywayz Quote Share this post Link to post Share on other sites
N.O.R.F Posted October 22, 2009 Originally posted by fatboy: its interesting to note that conusmer confidence hasnt really taken to much of a battering - confidence seams high in the retail market... True. Banks have relaxed the lending criteria again. Quote Share this post Link to post Share on other sites
QUANTUM LEAP Posted October 22, 2009 Hey Norfs sup bro.... Interesting however. in the UK lending and doing is getting harder as banks are not longer lending as much as they used to. As for your part of the world. I hope that their policies change as investors would need free movement and longterm visas and naturalisation if business is to thrive. No one would want to invest in acountry that wont recognise ones rights in as far as ownership of businesses and ofcouse estates are concerned. Quote Share this post Link to post Share on other sites
N.O.R.F Posted October 22, 2009 ^How are you saxib? All is well. There are 100% ownershp 'zones' but these zones tend to be expensive to set up in. The govnt will abolish the 51% to be owned by a UAE national law. Investment will come back in. Forget about naturalisation. Quote Share this post Link to post Share on other sites
ElPunto Posted October 22, 2009 The UAE press is completely under the sway of the establishment. Those who put up the tall buildings are the same ones who own the newspapers and are telling you everything is going back to hunky-dory. I have serious doubts about such a report. Quote Share this post Link to post Share on other sites
QUANTUM LEAP Posted October 22, 2009 The point being the media runs it all. Even the dollar would rise due a simple rumour and shares would sky rocket, so i guess they have learned from the best:) Quote Share this post Link to post Share on other sites
ElPunto Posted October 22, 2009 ^The economic/power structure is different here than the West. Here - Dubai Inc = Makhtoum Family = Dubai Media. Which should equal a healthy sense of skepticism re the media from the reader. Quote Share this post Link to post Share on other sites
Nin-Yaaban Posted October 23, 2009 They need to move away from their oil based economy and into other industries. It won't be long before the oil dries up, or there are alternative energy sources. Quote Share this post Link to post Share on other sites
QUANTUM LEAP Posted October 29, 2009 Nin yabaan one thing you forget is that the world banks and many international institutions are already being run and paid for by the petro dollar so they are already running many service industries based all over the world. Quote Share this post Link to post Share on other sites
