Dubai: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Monday reaffirmed the strong bonds among the emirates of the UAE Federation and the closely knit family ties between the ruling families of Abu Dhabi and Dubai.
In a keynote address at the MENA and Frontiers Conference in Dubai, organised by Bank of America Merrill Lynch, Shaikh Mohammad said: "Dubai is part and parcel of the UAE Federation. Abu Dhabi and the member emirates are one with a common destiny."
"The two ruling families, Al Nahyan and Al Maktoum in Abu Dhabi and Dubai, are one family linked with bonds of kinship and blood and have the same roots. I tell those who speak about Abu Dhabi and Dubai as two separate emirates running in opposite directions to shut up and not speak of something that is completely against the reality," Shaikh Mohammad said.
Active on world stage
"We are one state and proud of our President my brother His Highness Shaikh Khalifa Bin Zayed Al Nahyan. We are proud of our State, our people and our people are proud of his leadership, wisdom, Arab identity and origin," Shaikh Mohammad said.
On Dubai's economy Shaikh Mohammad said the international financial crisis will never dissuade Dubai from its development ambitions and will not dislodge its leading position as an active player in the world economy.
He assured investors of strong support for the next tranche of Dubai's $20 billion (Dh73.5 billion) bond programme. "The second tranche will be well-received and it will be used to meet current and future obligations," Shaikh Mohammad said.
A $10 billion first tranche was placed with the UAE Central Bank. Dubai issued a two-tranche, $1.93 billion sukuk on October 28 following a highly successful international roadshow which generated a large order book with over 300 investors placing orders in excess of $6.3 billion equivalent.
Long-term vision
Senior finance professionals and government officials echoed Shaikh Mohammad's confidence.
"We believe that the econ-omic fundamentals of Dubai are strong and through the excellent leadership of Shaikh Mohammad, Dubai will continue to grow. Dubai World is part of the long-term vision, creating a world-class destination for living, business and tourism," said Sultan Ahmad Bin Sulayem, Chairman of Dubai World.
Jonathan Moulds, president of Europe the Middle East and Africa for Bank of America Merrill Lynch, said: "Dubai is an outstanding location from which to lead our regional operations and, thanks to His Highness' drive and determination, it will continue to be the financial hub of a region of ever increasing importance and vitality."
