x Abu Dhabi, UAE Thursday 20 July 2017

Sheikh Mohammed: Dubai's harsh desert past inspired it to overcome global crisis

The global financial crisis was a major challenge and a learning experience for Dubai's economy, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai told a group of young investors.

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said Dubai managed to overcome the challenges of the global financial crisis. Jeff Topping / The National
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said Dubai managed to overcome the challenges of the global financial crisis. Jeff Topping / The National

The global financial crisis was a major challenge and a learning experience for Dubai's economy, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, today told a group of young investors working under the Young Investors Organization based in Zurich.

"Dubai is a model as it could overcome the consequences of the global financial crisis by its determination, planning, realistic vision and serious work. The global financial crisis was the major challenge facing us. We by nature love challenges because we are the people of the desert, an environment which was in the past so harsh," Sheikh Mohammed told the visiting investors during a meeting at the Dubai International Financial Centre.

The emirate's policymakers have successfully navigated the challenges of the financial crisis managing US$22 billion in debt due next year, most of it the form of direct government debt. Ratings agency Moody's Investors Service notes that the improving economic and credit environment would help Dubai address its debt problem.

"We learn from our mistakes. We all make mistakes because we work and because we are humans. Those who do not work will not make mistakes. But the biggest mistake is not to learn from your mistakes and not to rise again stronger and more determined to reach your goal. You can achieve that if you have a clear and farsighted future vision," the Dubai ruler said, telling investors the emirate was a safe place to settle down, invest in and achieve personal goals.

"Here is my advice to you: be optimistic all the time, wake up every morning with positive energy inside you and a smile on your face and I can guarantee you a day full of success, happiness and hope," Sheikh Mohammed said.

 

* The National staff and Wam