Mohammed: Global crisis behind us

Roland Hughes

• Last Updated: April 19. 2009 2:06PM UAE / April 19. 2009 10:06AM GMT

ABU DHABI // The country has seen the back of the global financial crisis and will learn lessons from it, Sheikh Mohammed bin Rashid, Prime Minister of the UAE, said on Saturday.

Sheikh Mohammed, who is also Vice President of the UAE and Ruler of Dubai, responded at length to questions from the media via his official website – the first time he has held such a session since 2001.

Among the issues tackled were labour rights, the global economic crisis and the perception of Dubai in the international media.

The 12,606-word, 31-page response to questions submitted by journalists from across the Arab world was the second time he had personally addressed the press via his website.

His replies to questions posed by members of the public are expected in the coming weeks.

Sheikh Mohammed added: “I hope my responses will generate positive discussion about the issues and values that Dubai and the UAE care about.

“Dubai is not only a catalyst of change; it is an exemplar of change. And I am proud of that, just as I am proud of the economic and social contributions that Emiratis and their well-wishers have made over these years to furthering the Dubai Vision.”

Speaking for the first time about the effects of the economic downturn, which he said had been sudden and unexpected, Sheikh Mohammed said: “We did not at any time feel that the financial crisis is a threat. The worst is over and behind us.

“Since the eruption of the crisis we did not hear of any state-owned bank or company announcing bankruptcy. None of the economy sectors was snapped.

“We are currently implementing plans and programmes of action to benefit from the lessons of the crisis and ensure the recovery of the negative effects.”

Among the responses was the issuing of $20 billion in bonds by Dubai, to which the UAE Central Bank subscribed $10bn. Sheikh Mohammed said the move was interpreted “as help from Abu Dhabi to Dubai to get out of the crisis”, a perception he welcomed “because it emphasises the depth of ties among the Emirates.”

He added: “The actions that we took at the Federal Government were really fast, well thought-out to respond to the issues and to overcome the negative effects of the global crisis. Having said that, our economy has shifted from the crisis mode to the solution.”

A number of the questions posed to the Prime Minister related to criticism of Dubai in the international media in recent weeks.

“It seems that any successful Arab model in economic development invites such negative treatment in the international -media,” he responded.

Referring to other articles “that criticise the way that the UAE deals with the issue of democracy”, Sheikh Mohammed said it was the “easiest thing” to hold general elections. “But our leadership does not look for fame, and does not import ready-made models that may be valid for other societies, but is certainly not suitable for our society.”

When asked whether rumours of him suffering ill health were true, he replied: “I thank God that I am well and in the best of health and peace of mind and soul.”

rhughes@thenational.ae