UAE economy on fast recovery, Hamdan Bin Mohammad says

Dubai: Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai, said the UAE economy is recovering from the impact of the global financial crisis.

"Our pro-active government measures in handling the financial crisis have achieved their objectives: Our economy is humming again, and, compared to most international growth rates, the UAE is enjoying a healthy economic resurgence," he told a gathering of more than 700 global thinkers while formally inaugurating the Global Agenda Summit organised by Dubai Government in conjunction with World Economic Forum at Madinat Jumeirah.

Elaborating the government's steps, Shaikh Hamdan said: "The measures we have taken include developing laws and regulations related to the banking system, foreign investment, governance, transparency and business practices."

Following the impact of the global financial crisis that hit the region in September-October last year, the UAE government was quick enough to inject Dh120 billion through the UAE Central Bank and the Ministry of Finance to support the county's banking and financial system.

"We have also restructured a number of our companies and institutions to adapt to the emerging post-crisis world order. We have also rearranged our domestic agenda to support our ability to continue our dynamic economic development and better define our future," he said.

"We have supported investment in our infrastructure, and completed giant projects on time. Simultaneously, we have maintained steadiness in realising our strategic plans, especially in the sectors of tourism, logistics, urban transport, new technology, renewable energy, and atomic energy for peaceful uses," he said.