Securities, properties hit by downturn: Al Suwaidi

Ajman: The UAE, like other countries of the world, has been affected by the international financial crisis in term of valuation of securities and properties, the Governor of the UAE Central Bank Sultan Bin Nasser Al Suwaidi admitted on Monday.

"The apex bank views the slump in securities and prices as a correct and natural move as is happening in international markets... low cost will definitely contribute to sharpening the UAE's competitive edge in terms of luring investments in comparison with other commercial hubs," he said, noting the crunch had helped bring inflation down.

He was speaking to reporters on the sidelines of the opening of the Ajman Bank by His Highness Shaikh Humaid Bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman.

"The world financial crisis requires the government to contemplate or take an economic corrective measure... the Central Bank has begun injecting Dh50 billion into the banking system and the government pumped Dh70 billion divided into three tranches," he said.