Responses to Sheikh Mohammed's interview

The e-interview of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, was praised by the business community in the country. They said the wide-ranging and transparent media interaction is going to have a healing effect on the economy and help it come out of the recession far sooner than most of the nations

Following are some of the reactions to Sheikh Mohammed's interview.

Sultan Ahmed bin Sulayem, Chairman of Dubai World, said: "This interview has been the best interview yet on the financial situation, and the best of what we have heard about the crisis from a leader such as Sheikh Mohammed. This move is a first-of-its-kind. We have never heard about any leader or president who has invited people to email their questions and has taken the time to answer all of the questions. I went through the questions myself and believe me they were tough questions."

Bin Sulayem said the answers gave the market confidence. The answers dealt with all types of questions as well as critisism.

Sheikh Khaled bin Zayed Saqr Al Nehyan, Chairman, Bin Zayed Group and Tamweel, said: "His Highness has created a precedent, which is needed in today's globalised world and which is rare in the Arab World. It is the first time that a leader in the Arab World has communicated directly and without barriers to his people. All in the Arab World shy away from discussing details of the economic crisis facing the world. Here we are talking about serious issues, such as no income taxes. Sheikh Mohammed has provided a lot of peace to a lot of people about where the country is heading and how it plans to deal with the issues.

"Of course, the worst is over. The $20 billion (Dh73.4bn) bond issue has made it clear that the debt issue has been taken care of. Now the discussion is about the stimulus package and readjusting the 2015 Strategic Plan according to the new realities.

"Sheikh Mohammed has always pushed for communication and relationship with people who live in the UAE and he has shown tremendous transparency. Nothing was off the table whether it was economic or political. He did not shy away from any issue. It was a wonderful interaction."

Mohammed Ali Al Hashimi, Executive Chairman, Zabeel Investments, said: Thanks to Sheikh Mohammed's interview, the doubts – especially those coming from outside the country – have been put to rest. When you hear statements from the Ruler himself, from authorities such as Sheikh Mohammed, that really assures transparency.

"He addressed the issues very carefully. I have not seen any leader in the Arab World who would do that. It also reassures the faith of those people who already believe in him and the country. Everything that Dubai is building is not just for today, it's for tomorrow and for the future. What we have seen is not just an ordinary business cycle of up or down. This is an extraordinary one but Dubai will still continue to grow.

"We are maybe in turbulent times but Dubai has a solid business model and this what makes people invest, that is why there are billions of investments in Dubai. I also agree that Dubai should not cut its infrastructure spending because this is an opportunity that the emirate has to take advantage of.

"Before, Dubai had to catch up with the phenomenal growth in a short period of time, now is the time that we can put all the infrastructures in place so that we will be ready when the economy kick starts again. I believe Dubai is transparent not only compared to the Arab World but in general. It is a new country, a new city and will continue to learn and develop. Look at what has been achieved. It has been achieved because there is trust here."

Ahmad bin Hassan Al Shaikh, Chairman of Printing and Publishing Group and Deputy Chairman of Emirates Islamic Bank, sees several messages in the statements.

"The first message is the direct communication with people and media through the internet. This direct communications during the crisis time is important to demonstrate the strong involvement of the leadership in handling the crisis."

He sees a strong message regarding the strong foundations of the UAE union. "His Highness gave a strong message when he assured that every thing in Dubai belongs to Abu Dhabi and Dubai and the rest of the UAE and all than is in Abu Dhabi belongs to Dubai and Abu Dhabi and the rest of the UAE. This assured the strong foundations of the union."

Al Sheikh also highlighted the strong message to rumours against Dubai in the international media. "The questions were sometimes aggressive, but His Highness Sheikh Mohammed gave strong and strict answers to clarify these rumours about Dubai debt and even about his health."

He cited another message, which is the ability of Dubai Government to handle its debt. "There was a clear message that Dubai's debt is not exceeding its abilities and the leadership could handle the issue."

Hussain Nasser Lootah, Acting Director General of Dubai Municipality, said: "Sheikh Mohammed's initiative to communicate with media and all those who care for the country is not new. He answered the questions with transparency and reality and at the same time ended rumours that doubted Dubai's strong and solid economy. He said they do not know that Dubai is going in right track and the worst is behind us. He stressed that we reached the heights we have because we have good leaders in our country."

Hussain Al Qemzi, Group CEO, Noor Islamic Bank, said: "The comments made by Sheikh Mohammed reaffirm the unified commitment of the local and federal governments to weather the financial crisis. His Highness' words stress the need for transparency, regulation and governance. These are essential elements not only for modern businesses, such as Noor Islamic Bank, but also for the continued development of Dubai as a financial hub. Even in these challenging times, the fundamentals of the Dubai and UAE economy remain strong. I am confident that combined efforts by the public and private sector will ensure that the UAE emerges from this crisis stronger and better positioned to play a significant role in the global economy."

Mohamed Binbrek, Group CEO, Dubai Properties Group, said: "Sheikh Mohammed has injected a much-needed positive energy into Dubai and the UAE. He has answered a spectrum of questions raised by the foreign media, while allaying fears of the investors. Through the e-interview, he has provided facts that a few hardly noticed or even knew they existed. The positive messages will definitely help the markets register speedier recovery. We strongly believe that the coming months will witness the onset of growth, stability and confidence. As a master developer and the creator of communities, we are confident conditions for lending will improve along with the liquidity in the market, eventually expediting overall economic progress."

Saeed Al Tayer, Managing Director and CEO of Dewa and Chairman of Infrastructure Committee, said: "We appreciate the announcement of Sheikh Mohammed in which he conveyed to his nation and the country and to the word at large with all openness and transparency, our reality, our ambition and our hope. Whilst emphasising the infrastructure, Sheikh Mohammed mentioned that we have no plan to discontinue any of the infrastructure programmes and definitely no staff will be laid off in Dubai, this is a very positive step taken by him and this indicates that corrective measure were applied and we are cheering ourselves about being optimistic about the future.

At the end of the first quarter in Dewa, we reported an increase of 17 per cent in energy during February 2009, which is definitely more than expected. We appreciate the solidarity shown by the Rulers of the UAE, which amply reveals the security and stability of the UAE.

Sheikh Mohammed also added a lot of transparency and credibility to our life and was a significant occasion to show where we were and where we were going, especially since it is a speech of a genius experienced leader who is a pioneer in leadership and management, not only in the Arab World but also worldwide. Sheikh Mohammed confirmed that our country will be among the first country to overcome the global crises whether federal level or local one this is due to the pioneering strategy, farsightedness and prudent measurements that have been taken in addition to the confidence with which a leader such as His Highness is marked, a leader who knows in which direction to go and where he was leading. We applaud and salute his spirit and we shall be one of the first countries to recover from the crises.

Abdulla Al Hamli, CEO of Dubai Islamic Bank, said: "We applaud the initiative of Sheikh Mohammed. It was an extremely significant measure that will allay any potential concerns about the impact of the global financial crisis on the city. "By reaching out to the country and the global community through this platform, he has again demonstrated the spirit of openness and transparency that has for so long characterised the leadership of this great city. Through his words, Sheikh Mohammed has made clear that Dubai's vision for the future remains grounded in real-world accomplishments and informed by a pragmatic plan to ensure our sustained growth and stability, despite the global financial crisis. This initiative has further enhanced the confidence of everyone in the future of our city."

Sultan bin Butti bin Mijren, Director General, Dubai Lands Department, said: "The fact that Sheikh Mohammed was prepared to undertake this media exercise offers clear evidence of his personal commitment to transparency, which has long been evident in initiatives such as the Dubai Excellence Awards.

"He has set a standard the Land Department has been proud to follow, to the extent that transparency has become a hallmark of our operations. The result is an open market policy, which has worked to the benefit of all stakeholders and given investors the confidence to take decisions secure in the knowledge they have access to all the information and that our transaction procedures deliver what they promise."

Ahmed Butti Ahmed, Director-General, Dubai Customs

"We are not worried about our country's economic future because we have our wise leader, Sheikh Mohammed. Honestly, Dubai customs is not affected by the financial crisis. We heard a lot from the Western media that Dubai is facing a downturn. However, we are seeing enormous trading activities at Dubai Customs on a daily basis."

Jeff Singer, CEO of Nasdaq Dubai

"The candid comments made by Sheikh Mohammed are important to provide focus and transparency to the international community to give them confidence that Dubai is taking proactive steps to assure a solid business climate."

Arif Al Harmi, CEO, Amlak Finance

"We, at Amlak Finance, applaud the efforts of Sheikh Mohammed in creating a communications platform to interact with the community at large in the UAE and the media locally and internationally. We are used to Sheikh Mohammed's candour when it comes to the status of the economy and his vision."

Ibrahim Al Ansari, CEO, Dubai First

"The comments made by Sheikh Mohammed show we are committed to a fair and transparent economy that works towards the prosperity of all. His Highness' response to Dubai's critics reflects his confidence in the business community to face these challenging times with calm and practical solutions."

Ali Ibrahim, Managing Director, Emcredit

"The move by Sheikh Mohammed was a crucial measure to dispel any potential concerns about the impact of the global financial crisis on the city. His Highness' reassuring statements on the robustness and perseverance of Dubai's economy instil immense confidence among residents and the wider world."

Abdul Majeed Ismail Al Fahim, Chairman, Dubai Pearl

"The encouraging remarks of Sheikh Mohammed have given a vital boost to the economy of the UAE. His assurance will positively impact local market conditions and reinforce the country's ability to effectively respond to global economic challenges."

Ibrahim bin Karam, CEO, Emirates Post

"In one single stroke, Sheikh Mohammed has dispelled the doubts and misconceptions that were on the minds of the people of the UAE and the world. Sheikh Mohammed's online interaction is a perfect example of a transparent government and an open door policy in which a country does not run away from unpleasant facts."

Markus Giebel, CEO, Deyaar

"Welcoming all questions about Dubai and its vision for sustained prosperity, Sheikh Mohammed has separated illusion from reality and fact from fiction. As a result, he has reassured the global community of this city's unique strengths and the power of its vision for the future."

Sulaiman Al Mazroui, General Manager, Marketing and Corporate Communications, Emirates NBD

"The statements involved an optimistic outlook which confirmed that the UAE and Dubai in particular have put the worst phase of the crisis behind. There are important economic indicators to the credibility and reality of those statements especially that His Highness has a shrewd vision and far-sightedness which make his talk an objective one that is identical to reality and which is confirmed by facts and figures."

Aref Obaid Al Muhairi, Chief Executive Officer, Dubai Statistics Centre

"His Highness has put an end to any reports that are not based on facts or figures. The statements were comprehensive and clear, tackling all issues, including the rumours on Sheikh Mohammed's health."

Ahmed Shabib Al Dhaheri, First Deputy Speaker of the Federal National Council

"His Highness' statements were not a surprise since we have been used to seeing positive initiatives from him in all circumstances. His Highness' latest initiative is a lesson in transparency. His answers covered all issues."

Dr Jamal Zarrouk, Division Chief, Economic Studies and Research, Arab Monetary Fund

"Statements by Sheikh Mohammed gave a clear signal for critics of the economic performance of the country. The statements by Sheikh Mohammed, and earlier statements by the President His Highness Sheikh Khalifa bin Zayed Al Nahyan, reflected a smart way of handling the psychological impact of the crisis."

Hesham Al Qassim, CEO of Wasl and Dubai Real Estate Corporation

"His Highness has demonstrated utmost transparency in honestly communicating with the media the issues that have recently been the subject of scrutiny not just among the respective stakeholders in this region, but also among the media worldwide. During the e-interview, Sheikh Mohammed confirmed that the sound strategy adopted by Dubai both before and after the crisis is proving to be the determining factor in aiding the emirate to move forward on the road to recovery and development. Our leader's responses have also emphatically put an end to all speculation concerning the national economy and the local market conditions, while firmly discouraging everyone from engaging in such negative discussions."

Nasser Mohammed Al Nowais, Chairman, Aswaq Management and Services

"It shows the sincerity with which His Highness believes there may have been an issue with transparency on the state of Dubai economy. And to his credit, he has come out openly on this new forum, which is a fantastic idea for the people to be able to communicate directly with him and for him to be able to provide answers."

Omar Hijazi, CEO, Tejari

"Today government accessibility, visibility and accountability to maximise budgets during tight fiscal times is expected. Electronic procurement and electronic commerce creates enormous opportunities for government to use new sourcing strategies, leveraging its bargaining power to drive down costs, and improve the overall transparency and quality of services."

Ahmed Al Janahi, Vice-President, Noor Islamic Bank, and CEO, Noor Takaful

"Sheikh Mohammed's statements came at the right time to confirm strong actions by the federal government, the Central Bank and Dubai Government in handling the financial crisis. Sheikh Mohammed statements highlighted the actions on the ground, not just for propaganda. There are results of government actions which people started to feel in the country."

Adel Al Shared, Vice-Chairman and Managing Director, Mohammed bin Rashid Al Maktoum Foundation

"Through the e–interview, Sheikh Mohammed has provided a clear picture about the current situation in Dubai and the UAE. He has outlined the various positive elements in the economy and highlighted the road ahead for the country. As an organisation with initiatives designed for social development, we acknowledge the thoughts expressed by Sheikh Mohammed and look forward to making a significant contribution to the social and economic progress in the Arab World. His remarks will motivate us to move forward with renewed enthusiasm, and give us the impetus required to implement innovative schemes and programmes that drive our leaders' aspirations and our country's objectives. More importantly, the message embedded in Sheikh Mohammed's words comes as a firm reminder to ignore baseless rumours that benefit none."

Wael Tawil, CEO, Baniyas Investment and Development Company

"The statements made by Sheikh Mohammed were very encouraging and a big support for the economy of the country. I strongly agree on what he has said, especially today when investments in the country are in good position. We are seeing the confidence for investments within the UAE is being restored and can see growth picking up. With this confidence market, any investment will have positive outcome."

Hussain Sajwani, Chairman, of Damac

"I wholeheartedly agree with His Highness's insightful and frank comments. His Highness has shown his wisdom in speaking about the resilience of Dubai's economy, and in answering some of the negative comments that have circulated in international media. While the impact of the crisis upon Dubai was unexpected in its swiftness and severity, the UAE economy and the close ties that bond the emirates have meant we have successfully withstood the worst of the economic downturn. Dubai's property sector will emerge stronger and better than ever."

Mohammed Ali Yasin, CEO, Shuaa Securities

"Statements by Sheikh Mohammed represent an end of a chapter and people should move to the next stage of development in the country. Sheikh Mohammed assured the fact that the worst of the crisis has passed and the UAE has been able to handle the new realities in the domestic and global economy. That should reply to concerns and now we have to close this chapter. This was the clear message in the statements."

Omar Al Mesmar, General Manager, Dubai Investment Park

"The in-depth interview of Sheikh Mohammed with the media ensures transparency reigns in this country. This reflects the good intentions of the leaders to share their ideas. This kind of transparency is not easily found. This will have a major and positive impact on the people's sentiment and at the same time give people more confidence on this country's leadership, wisdom and attitude. As regard the negative speculations, the ties of Abu Dhabi and Dubai have historically been there and that have not changed. We never had a doubt on that."

Mohammed Gala, Head of Foreign Institutional Sales and Trading, Al Futtaim HC Securities

"It is very encouraging to see His Highness' comments in the online forum, a very useful tool in updating both the local and international community on the UAE's response to tackling the global economic crisis. Comments by His Highness showing how the UAE has managed to minimise the impact of the crisis, and is now 'on the way out of the crisis' and 'on the right track' will help reassure people and boost confidence in the economy. Forums like this encourage transparency, are very much welcomed by the public and would be great to see on a regular basis. The UAE markets opened strongly and traded higher on the back of renewed confidence injected by our leader's comments. Both local and foreign investors greatly value innovative and progressive initiatives such as this forum."

Ryan Mahoney, Managing Director, Better Homes

"In one interview, Sheikh Mohammed answered all kinds of questions that have been on people's mind. The answers make it clear that the UAE has a strategy and the resources to tackle the issues that we face today. More importantly, we have a leadership that will lead us through these problems. I also expect the level of transparency to increase in the emirate as the leader himself has come forward and answered a long list of questions. There was one hard-hitting question after another but he did not shy away from answering them. It has given a burst of confidence to the market."

Sunny Varkey, Founder and Chairman, Gems Education

"The initiative of Sheikh Mohammed to interact with the media and the community at large reflects once again the transparency of the visionary leadership of His Highness and his endeavour to make the UAE and Dubai a global centre of excellence, innovation, leadership, and supporter of the knowledge economy."

Matthew Wakeman, Managing Director for Cash and Equity Linked Trading, EFG Hermes

"The commitment to growth and increasing the skills and expertise within the Emirates is testament to the strength of leadership at a time when other nations are moving the other way. The business environment and quality of lifestyle will continue to attract business and workers from around the world as Dubai further cements its status as the premier trade hub between the West and the East. Sheikh Mohammed's pro-active rather than re-active leadership coupled with a clear understanding of business and social issues gives residents supreme confidence that Dubai and the UAE will emerge stronger than ever from the current global slowdown."

Michel Noblet, CEO, Hospitality Management Holdings

"We believe in the success of Dubai. It has got an extremely resilient and long-term vision that can overcome any challenge. Dubai is no doubt a global model for success and has given birth to some of the most amazing businesses. We salute Dubai for its exceptional spirit – that makes each one of us a winner. Yes, we all are facing some difficulties at the moment owing to the global recession but we can see that the authorities are taking appropriate measures to improve the situation. We are truly grateful to DTCM for their enormous support and the amazing worldwide campaign to promote Dubai. We remain highly optimistic about the future and are committed to developing 100 hotels by 2012."

Kamal Vachani, Director, Al Maya Group

"Sheikh Mohammed's projections will bring a very positive attitude and will bring back confidence in the UAE… and will have a fast recovery process. We are delighted to see the excellent e-media session of His Highness and we are indeed very much confident that all our investments in the UAE are very much safe and will bring fruitful results. We are confident that our national establishment's abilities, combined with the economic measures undertaken by the government will lead to growth this year. Further, Dubai has always been different and it has enjoyed a reputation of a very vibrant economy. Dubai will continue to make its presence felt in the world map under the leadership of Sheikh Mohammed."

Mohamed Elzubeir, Managing Director, Mediastow

"Everyone has been waiting for an authority to come out and speak and this definitely injects confidence to the system. It could have not come in any better way. His answers were very complete, comprehensive and accurate."

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