Boost in UAE business confidence

Dubai/Abu Dhabi: Business leaders across the UAE on Sunday said the frank communication by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on his website had boosted business confidence and put to rest lot of speculation about the health of the UAE economy.

Speaking about the open question-answer session the Vice-President had with the media, Abdul Aziz Al Ghurair, Speaker of the Federal National Council, said: "The most important thing is that it will create stability in the market."

A boost in confidence was visible on both stock markets yesterday. The Dubai Financial Market General Index added 1.9 per cent to reach 1,744.65, the highest close since January 12, while Abu Dhabi rose for a seventh day, gaining 0.6 per cent to 2694.99.

In his extensive response to questions on the impact of the global crisis, Shaikh Mohammad said the worst was over for the UAE and Dubai's vision for the future remained grounded in real-world accomplishments.

"Shaikh Mohammad has demonstrated again the spirit of openness and transparency that have for so long characterised the leadership of this great city." said Abdullah Al Hamli, Chief Executive of Dubai Islamic Bank.

"The statements were crucial to dispel any potential concerns about the impact of the global financial crisis on the city", said Ali Ebrahim, managing director of Emcredit, the first government-backed credit information services company.

The banking fraternity was confident about the sector's prospects this year. "I think most banks will report growth this year," said Ahmad Humaid Al Tayer, Chairman of Emirates NBD.

Property projects firmly on track

Abu Dhabi (WAM) General Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, said yesterday that the UAE economy enjoys stability and cash abundance, despite the global financial crisis.

In a statement after opening the third Cityscape Abu Dhabi conference and exhibition at the Abu Dhabi National Exhibition Centre yesterday, Shaikh Mohammad said the UAE, under the leadership of President His Highness Shaikh Khalifa Bin Zayed Al Nahyan, was keen on providing all facilities to the real estate sector, which is considered one of the key driving forces of the national economy, and to making Cityscape a success.

"Abu Dhabi projects will be implemented without delay, because they have strategic dimensions in line with Plan Abu Dhabi 2030," Shaikh Mohammad said.

See also Pages 29, 34 & 35