Business leaders voice faith in city

Dubai: Business leaders and senior government executives yesterday reaffirmed confidence in Dubai's economic future.

Delivering a keynote address at the Mena and Frontiers Conference in Dubai organised by Bank of America Merrill Lynch on Monday, His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, reassured the nation and the global investor community that the international financial crisis would never dissuade Dubai from going ahead with its development ambitions.

"The slowdown will never dampen the mettle of children of Dubai to steam forward in the drive toward development,'' Shaikh Mohammad said.

Sultan Ahmad Bin Sulayem, chairman of Dubai World, said: "We believe that the economic fundamentals of Dubai are strong and through the excellent leadership of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Dubai will continue to grow. Dubai World is part of the long-term vision of Dubai, creating a world-class destination for living, business and tourism."

Senior bankers expressed confidence in the unity and resolve of the UAE to progress as an economic power. Simon Cooper, deputy chairman and CEO of HSBC Bank Middle East, said: "HSBC operates a branch in all seven emirates, and the UAE is our largest country in the Middle East, in terms of employees, size of business, and number of customers."

"The achievements and bright prospects of Dubai were recognised by the global investment community on our recent international roadshow where we were delighted by enthusiastic investor appetite and high levels of confidence in the emirate," said Abdul Rahman Al Saleh, director-general, Department of Finance.

Jonathan Moulds, Bank of America Merrill Lynch's president for Europe, the Middle East and Africa, said: "We are extremely proud of our heritage here in the region... and we are confident that our future is equally bright. 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."