UAE | Government
Business community welcomes 'strong signal' given by new leaders
Shaikh Hamdan's new role as Dubai's Crown Prince will give a firm boost to investor confidence, businessmen say.
- By Saifur Rahman, Business News Editor and Shakir Husain, Staff Reporter
- Published: 02:38 February 2, 2008
- The business community, private sector and senior government officials have hailed Shaikh Hamdan's appointment as Dubai's Crown Prince.
- Image Credit: Megan Hirons/Gulf News
Dubai: A new momentum has been added to Dubai's ongoing economic development strategy following the appointment of Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum as Crown Prince and the naming of Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum as Deputy Ruler of the emirate.
Abdul Aziz Abdullah Al Ghurair, speaker of the Federal National Council and chief executive officer of Mashreq Bank, said Shaikh Hamdan's new role came about after His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE and Ruler of Dubai, was fully satisfied with his leadership.
"Shaikh Hamdan was put through several challenging positions and situations and observed closely by Shaikh Mohammad, who we all know sets the standard of success very high. That is why the appointment happened now and not before," Al Ghurair told Gulf News.
Business community, private sector and senior government officials have hailed the decision, saying, it will boost investor confidence as Dubai's risk rating, which was already quite high, will increase further with the announcement of the successor to Shaikh Mohammad.
Sultan Ahmad Bin Sulayem, executive chairman of Dubai World, DP World, Nakheel, Limitless and Istithmar, said, "Shaikh Hamdan is a very qualified person, a good supporter of his father and will carry on with the vision of his father.
"We have been closely working with him at the Dubai Executive Council and I have seen very good leadership qualities in him. He participates in discussions, engages himself and listens very carefully."
Bin Sulayem also praised Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, the new Deputy Ruler of Dubai.
"He is also a very capable man. As head of the Investment Corporation of Dubai, we have seen him making very intelligent investment decisions. He has the capabilities to lead and his appointment will help both the brothers to realise the visions of their father."
Hamad Bu Amim, director-general of the Dubai Chamber of Commerce, said, "The appointment of Shaikh Hamdan and Shaikh Maktoum clearly gives a strong signal to the foreign investors.
"The decision comes at the right time and will boost investor confidence, as the decision of succession has been announced. It's a major step for Dubai."
Positive
Farhan Faraidooni, Executive chairman, for Sama Dubai, said, "The appointment of Shaikh Hamdan is a demonstration of the strategic planning process used by the government of Dubai. With this appointment, I am positive that the mood within the private sector will also continue to be highly positive."
Dr Ahmad Saif Bel Hasa, chairman of the UAE Contractors' Association and executive director of the Dubai Economic Council, said, "Our best wishes to Shaikh Hamdan and Shaikh Maktoum. I'm sure they will work together to realise the vision and mission of their father to realise his dreams".
Laila Suhail, chief executive of Dubai Shopping Festival (DSF), said, "We are obviously very happy as we will now be closely working with Shaikh Hamdan. He, as the chairman of the Dubai Executive Council, has provided us with a valuable and direct guidance to manage the month-long event.
"We, the management of the DSF, now report directly to the Dubai Executive Council, under his leadership. His new appointment will help us to closely work with his team and help us reshape the shopping festival as well as Dubai Summer Surprises."
Mohammad Ali Al Hashimi, executive chairman of Zabeel Investments, congratulating Shaikh Hamdan, said, "Zabeel Investments would like to congratulate Shaikh Hamdan on being entrusted with the position of Crown Prince of Dubai.
"This latest decree is a true testament to the trust that Shaikh Mohammad and the emirate of Dubai have in the young leadership of Shaikh Hamdan, and in his new role he will surely continue to contribute to the economic prosperity that he has been an integral part of in Dubai."
Business leaders said Shaikh Hamdan has the right experience to accelerate the ongoing development work.
"The pace of Dubai's growth will pick up. We believe Shaikh Hamdan will contribute further to his father's vision of economic diversification. He will fuel growth with new ambition and thinking.
"The foundation of growth has already been laid by Shaikh Mohammad, and the Crown Prince will take it to a new level," said Dubai Islamic Bank chief executive officer Khalid Al Kamda.
Many people pointed out that new Crown Prince's previous roles have given him leadership experience.
Dubai Real Estate Corporation chief executive officer Hesham Al Qasim said since mid-2006 Shaikh Hamdan has been playing an extremely active role as Dubai Executive Council's chairman.
"Under his leadership, the Dubai Executive Council has led many important initiatives. Shaikh Hamdan displays strong leadership skills and an interest in business processes, very similar to Shaikh Mohammad.
"We assure him of our continued support in preserving the achievements of the nation and maintaining Dubai's reputation at the regional and international levels," Al Qasim said.
Hashim Al Dabal, chairman of Dubai Properties, said the appointment of Shaikh Hamdan is yet another wise decision taken by Shaikh Mohammad.
"Shaikh Hamdan had been given several challenging governmental responsibilities which he has led excellently, demonstrating that he was the right person at the right place," Al Dabal said.
Yousuf Ali, managing director of Emke Group and a board member of the Abu Dhabi Chamber of Commerce and Industry, said Shaikh Hamdan has showed foresight and his trust in the power of the youth in role as the chairman of the Dubai Executive Council.
"I am sure Shaikh Hamdan will become a role model for youth not only in Dubai and the UAE but the entire Arab world," he said.
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