Statement to instil more confidence in economy, say business leaders

Business leaders welcomed yesterday's remarks about the economy by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

They were particularly encouraged by his comments on the closeness of the ties between Dubai and Abu Dhabi.

Mattar Al Tayer

Chairman and Executive Director of the Roads and Transport Authority

Investment in the development of infrastructure, including roads and transport projects, is one of the best means to activate economy and recover from the current economic crisis. It contributes to the achievement of economic and financial sustainability through maintaining job opportunities, creation of new opportunities and improvement of living conditions. It also underlines the importance of dependence on local investments and attraction of foreign investments. Dubai Government realised the role of infrastructure and allocated necessary budgets to complete all road and public transport projects and carry out all new projects.

Ahmed Butti Ahmed

Director General, Dubai Customs

What Sheikh Mohammed said reflects the flexibility and diversification of Dubai's economy and its ability to adapt to different global and regional conditions and go ahead with the execution of its projects and future plans. The emirate passed through the crisis peacefully, though it shook strong economic entities, especially in the West. The emirate's economy is diversified and depends on carefully studied projects, which are not restricted to one sector.

Dr BR Shetty

Managing Director and CEO, NMC Group

Dubai has defeated the crisis. Many foreign analysts said Dubai would not withstand the world's most dangerous crisis. However, Dubai's strength in all fields has been confirmed, including real estate investment. Noticeably, foreign investments have started to return to Dubai and the biggest evidence of that is the return of foreigners to the Dubai Financial Market and rise of the DFM's index. Dubai has certainly weathered the worst.

Dr Omar bin Sulaiman

Governor of the Dubai International Financial Centre

Sheikh Mohammed has reshaped the world's financial map by establishing the DIFC, which today has emerged as a competitor to the world's top-ranked financial centres.

Markus Giebel

CEO, Deyaar

Dubai has long been defined by its ambition to rise high, develop rapidly and achieve nothing less than greatness. Informed by the guiding vision of Sheikh Mohammed, we have overcome the challenges posed by the global financial crisis and continue to strive to reach new heights. As Sheikh Mohammed has so aptly pointed out, this worldwide crisis will not deter Dubai, a city that is emerging stronger than ever.

Just as important, His Highness has made crystal clear that no one should question the strength of the ties that unite Dubai and Abu Dhabi, brotherly cities that share a common sense of national identity and national pride.

All of us at Deyaar are extremely grateful to His Highness for continuing to provide such clarity, insight and wise leadership.

Riad Kamal

CEO, Arabtec Holding

We are very encouraged as a company that has always grown and flourished under the vision of Sheikh Mohammed and very confident that Dubai will overcome any setbacks that have happened due to the global recession.

We will need some time before we can say we are fully recovered and back on track. But all indications point to positive progress both locally and regionally. And as long as oil prices remain stable, we will all benefit.

Mohammed Yousuf Sulaiman

Deputy Director of Dubai Courts and the Cassation Court's Senior Judge

The UAE as a country is one and is unified. When there are partnerships there is more strength. We are happy to hear from our Ruler that the worst is behind us. From a legal perspective, it is good when the economy is improving as there are fewer issues and problems to deal with.

Jonathan Moulds

President of Europe, and the Middle East and Africa, Bank of America Merrill Lynch

We were honoured and delighted that Sheikh Mohammed was able to join us today. Dubai is an outstanding location from which to lead our regional operations and, thanks to Sheikh Mohammed's drive and determination, it will continue to be the financial hub of a region of ever increasing importance and vitality.

Yusufali MA

Managing Director, EMKE, and Board Member of the Abu Dhabi Chamber of Commerce and Industry

The straight and clear-cut message coming from Sheikh Mohammed will surely reaffirm the business community's faith in the UAE's economy. As is widely evident from the various pro-development steps being taken by the Rulers and authorities, the worst is surely over and things can only go up now. The recession has helped serious players to refocus on their core activities and realign with global realities, while shaking out those who were looking to make quick money. The wise words of Sheikh Mohammed will surely put to rest the rumours doing the rounds.

Essam Al Tamimi

Founding Partner, Al Tamimi and Company

The unity of the UAE has been embedded in my mind from an early age. It is evident through the investments that have been made to blend our education, legal, social and cultural systems. The UAE has achieved this through the vision of our founders Sheikh Zayed and Sheikh Rashid and has always been supported by the Rulers of the other emirates. It is a concept that has become much stronger throughout the years and is incorporated into the hearts and minds of all Emirati men and women.

Michael Miebach

Managing Director for Barclays Middle East and North Africa, Global Retail Banking

We are seeing green shoots [of recovery] as capital markets pick up and international investors return. For corporate end-users and investors, the UAE remains a hub between the East and the West, as well as being the primary entry point into the Middle East.

Abdul Majeed Al Fahim

Chairman, Pearl Dubai

When Sheikh Mohammed says the worst is over he is absolutely correct as we are seeing a recovery taking place in the economy. The UAE has always acted in solidarity and there have been no differences between the emirates. The ties between the emirates have been the strongest in the region.

Ziad Makkawi

Chairman and CEO, Algebra Capital

Although Dubai has been affected by the global credit crunch and the resulting financial crisis, I agree that investors should not bet on any rift between Dubai and Abu Dhabi. There is a solid foundation at the highest levels in both emirates.

Edward Quinlan

UAE Country Partner, Ernst & Young

It is certainly the case that things have improved considerably since the lows earlier this year. This is particularly the case in the non-real estate sectors. As the general level of economic activity continues to pick up, as surely as spring follows winter, it is inevitable that the real estate sector will respond in due course.

I believe that the economies of Abu Dhabi and Dubai will complement each other much more in the future. This will be great for the UAE as a whole and for the individual emirates. Everybody will benefit. We have already seen the practical effects of this in recent months but I believe this is only the beginning.

The tremendous success of the recent Government of Dubai bond issue and the level of take-up by foreign institutions was a good indication that the markets genuinely like what has been happening in the UAE in recent months and increasingly share the confidence of many of us locally who have held this view for some time.

Khalfan Al Kaabi

Board Member, the Abu Dhabi Chamber of Commerce and Industry and Chairman of ADCCI's Construction Committee

Undoubtedly, Dubai was the first to recover from the crisis. It has been proved that the crisis has not hampered Dubai's ambitions and strategic projects. Dubai Metro actually started on time and Burj Dubai, the world's tallest tower, is going to be opened soon.

In addition, Dubai is going ahead in the execution of top projects and registering good growth rates compared to European countries. I am sure Dubai will play its role in the global economy efficiently, especially with the payment of foreign debts.

Yousuf Sharaf

Managing Director, Sharaf Industries

This year has been a challenging one for Dubai's economy. But like the early signs that we are seeing internationally, we are seeing signs of improvement in this market, which we expect to gain momentum in 2010.

We are sure that as international markets improve Dubai will also improve – and probably more quickly. His Highness has played a key role by providing wise leadership to see us through this crisis and we are confident that Dubai's ambitions to be a key regional hub are still on track.

Sheikh Mohammed's comments give us confidence to deal with the current challenges in a positive way and we are excited about the future prospects as the recovery gains momentum.

Dubai is a success story and a unique example in the world because of its high quality standards, security and environment, and this uniqueness means it will recover and trust will soon come back.

Aref Obaid Al Muhairi

Director-General, Dubai Statistics Centre

Sheikh Mohammed's words come at an important and sensitive time, and they come from an experienced leader who has always dealt with the country and its issues with transparency and frankness.

At the beginning of the crisis His Highness announced a slowdown in Dubai's economy, a slowdown from which all economies of the world are suffering. And now His Highness has announced that Dubai has gone through the worst phase of the economic slowdown. Sheikh Mohammed's statements come from a wise and true leader who has seen enough reports and information to prompt him to say this at the investors' conference.
Tristan Cooper

Head Analyst for Middle East Sovereigns, Moody's Middle East

Meaningful participation by the private sector would be a signal for Dubai that investor sentiment has improved. This provides a motivation for the Dubai Government to get private investors involved, even if it costs more than selling it all to the federal government.

Hussein Mohammad Al Mahmoudi

Director-General of the Sharjah Chamber of Commerce and Industry

The budgets announced for the UAE and Abu Dhabi have silenced the doubting media. The UAE's economic strategy is based on diversification and sustainability and this helped in making a quick recovery, which is also clear evidence of strong relations between Abu Dhabi and Dubai. However, it was not only Dubai that needed support but other emirates as well. Sheikh Khalifa has recently granted Dh1 billion to help Sharjah continue its infrastructural projects. Our country's unity is strong and all emirates are in one boat. If one emirate suffers the rest would suffer too, and would rush to provide support. Dubai's success set an example for not only the other emirates but also for the whole region to emulate.

Jeffrey Rhodes

CEO, INTL Commodities, DMCC

I hold strong confidence in Dubai's economy. One of the best examples of the resilience of the emirate's economy is its gold markets. The Gold Souq continues to receive a good number of buyers. Of course, the financial crisis has not hampered Dubai's ambitions. I expect even better economic conditions in future.

Peter McElwaine

CEO, Jumbo Electronics

Jumbo has recently seen the tide turn, and we have seen consistent gains throughout the year. While we believe the worst of the crisis is over, though the climate remains tough for consumer electronics retailers, we see the market easing. We have strong faith in this market.

Nassir Nauthoa

GM for the GCC, Intel

I believe the prudent and decisive management of the economy by the UAE Government has put the country in a strong position to capture the opportunities in the recovery phase and beyond. We see this reflected, for example, in the good uptake in the PC market in the UAE, helped by growing consumer confidence and the fact that PC is becoming indispensable for all of us.

Abdulla Al Daboos

Former President, Emirates Post Holding Group

During the global crisis we have stood together as one country and in no way are we different. The tension between Dubai and Abu Dhabi was a speculation and a story created by international media… there was never a tension rather there was more co-operation.

Saad Maniar

Managing Director, Horwath Mak

Sheikh Mohammed's statement has infused a lot of confidence into people. Dubai is certainly well placed for growth. It has shown its strength and it has all its infrastructure developments on track. Besides, there has been development in other sectors apart from real estate. Trading, healthcare, finance, etc, have been seeing development. It is only lately that we saw real estate as a driver, but other sectors too are growing.

Sudhir Menon

Partner, Morison Menon

Sheikh Mohammed has infused a lot of confidence in investors. The UAE is a tried and tested country, it has a lot of resilience and the fundamentals are very strong. Dubai has not just real estate, it has information technology, biotechnology, industrial cities, healthcare and lots of investment flowing in. Dubai has lots of avenues for investment.

It has been strong enough to fight the crisis. Very clearly the new bond and the new announcements are being well received. Dubai has paid all its financial obligations and is strong.

Eyad Abdulnabi

Chief Operating Officer, Al Ramz Securities

Sheikh Mohammed's statement boosted the market sentiment, which was already buoyant with the news of the repayment of the $1bn DCAA sukuk by Dubai.

Mathew Wakeman

Managing Director for Cash and Equity-linked Trading, EFG-Hermes

Positive comments from Sheikh Mohammed at the Merrill Lynch investor conference is another positive sign of Dubai's commitment to attracting international investors and leading by example from the highest level when it comes to visibility.

Simon Cooper

Deputy Chairman and CEO, HSBC Bank Middle East

HSBC has maintained an unbroken presence in the UAE for more than 60 years, and has viewed the UAE as a single country since December 2, 1971, when the nation came into being. 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.

Dr Mohammed Al Assoumi

Dubai-based analyst

Dubai and the UAE are in a good economic position, which have enabled them to come out of the crisis quickly. The UAE has strong infrastructure and capital, and the ability to take decisions. These are very important things that underlie Sheikh Mohammed's speech. There are strong indicators of Dubai's recovery from the crisis, especially the increase of land prices in some areas, the rise of the DFM index, and the continued implementation of the emirate's public projects.

Santosh Varghese

Head, Computer Systems Division, Toshiba Gulf

We are seeing a silver lining amid the global financial crisis. Toshiba has witnessed increasing sales since Gitex. The highly successful launch of the eagerly anticipated new Satellite range underlines a reinvigorated consumer market. The future of the notebook market is looking solid for Toshiba.

Gert-Jan Schenk

Senior VP Emea, Juniper Networks

Juniper continues to be cautiously optimistic about economic recovery in the Middle East. As just one good example, we saw robust year-on-year and quarter-on-quarter growth in the UAE during Q3 2009, receiving revenue from both our service provider and our enterprise businesses.

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