Dubai: The Dubai government says there is no need to issue any bonds, Shaikh Ahmad Bin Saeed Al Maktoum, Chairman of Emirates Airline Group and Chairman of Dubai Civil Aviation, told media on the sidelines of the Summit on the Global Agenda.
“There is no plan to issue any bond so far, however, like any businessman we will take this chance once the market is ready for this,” he said, adding that there is no intention to capitalise the fund of the Dubai Supreme Fiscal Committee.
“Why do we have to inject more capital while our market is stable, our companies are making profit and the value of our asset is growing, as well as our assets in Europe going the same way in terms of valuation.”
Shaikh Ahmad added that Dubai had proved to the world markets that the emirate has overcome all the difficulties resulted from the world economic crisis.
“The economic obstacles that Dubai encountered from the world economic crisis were marginal and very small compared to the rest of the world in terms of debts.”
In the last two years, the Dubai market got back to normal, showing a remarkable improvement across several business sectors, tourism, aviation, banking and so on.
He said: “Looking at the pulse of Shaikh Zayed Road is ideal proof of the reviving business situation in Dubai.”
Pointing to the importance of the summit, Shaikh Ahmad added: “Hosting the summit in such an active and fast-growing centre such as Dubai is very significant to serve the benefit of the global and regional agenda in such a critical time.”
On the other side, Sami Al Qamzi, Direcctor General of the Department of Economic Development in Dubai, highlighted in his keynote speech: “Dubai has retained, and in many ways strengthened, its vitality as one of the best places to live and do business despite today’s challenging global economic conditions.
“The UAE improved its ranking in the Doing Business Report 2013 of the World Bank to 26th among 183 countries, from 33 in 2012. The UAE was also ranked 22th globally, compared to 46th in 2012, and first in the Arab world in ease of starting a business in 2013.”
The World Bank has also adopted the business registration and licensing procedures in Dubai as the standard for the ease of starting a business in the UAE, Al Qamzi added.
Pointing to the growth engine of Dubai, he remarked that trade, tourism and logistics attracting investments, exports and re-exports are the backbone of Dubai’s economic growth, which is expecting to rise by 4 per cent in 2012.
Al Qamzi considers the hosting of the summit as part of this brainstorming on the global agenda as an opportunity to emphasise the role and capabilities of the UAE and Dubai in building a better future for our region and the world.
“Dubai’s development model is built on the ambition and vision to make it a modern, open and internationally competitive city,” he said. “Deleveraging Dubai’s economy will strongly position it for uninterrupted growth and more sustainable development. Businesses and investors worldwide are increasingly aware of the competitive advantages in aiming for new markets and resources through Dubai.”
The first half of the year saw 115 FDI projects being initiated in Dubai by 113 companies, attracting Dh16 billion in foreign investment to the emirate.
Tourism remains a pillar of Dubai’s pre-eminence. The number of visitors to Dubai grew 10 per cent and hotel revenues by 19 per cent during the first half of 2012. Altogether, five million tourists came to in Dubai during the first six months of 2012 and another five million are expected in the second half of the year, Al Qamzi said.
