Business | Economy
Dubai holds great potential, GCC chief says
Al Attiyah praises emirate for transparency and openness during Dubai World's debt restructuring
- by Abdul Rahman Shaheen, Correspondent
- Published: 00:00 December 20, 2009
Riyadh : In the first response to the recent decision of Dubai World's restructuring, Abdul Rahman Al Attiyah, GCC Secretary-General, said that not only Dubai and UAE, but other GCC states have also faced tough economic challenges in the past.
"However, these states came out of these challenges successfully, showing more vibrancy and potentiality."
In a press statement, Al Attiyah said Dubai holds great potential and high competitiveness, reinforced by its vast infrastructure facilities and regulations that can attract huge inflow of foreign capital in the long run.
The GCC chief hailed Dubai for the transparency and outspokenness it has shown while tackling economic issues as was evident in the latest Dubai World restructuring and financial consolidation. This has also shown that Dubai's economy is an inalienable and integral part of the UAE economy, he noted.
Referring to the GCC monetary union pact that took effect at the Kuwait summit last week, Al Attiyah said it shows the determination of GCC leaders. This is a major achievement of the summit that would bring the Gulf states closer toward launching a single GCC currency.
Al Attiyah said member states will be successful in their efforts to become one of the major economic blocs in the world with a strong single currency.
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