New Dubai strategy will ensure quick recovery

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE and Ruler of Dubai, said on Sunday he is optimistic on the new strategy being adopted by Dubai to face the challenges of the global economic crisis.

"We are always optimistic," Sheikh Mohammed told reporters at the sidelines of the Dubai Economic Update Media Forum, which saw Dubai's senior-most financial members talk about a host of issues facing the emirate's economy and the strategy that Dubai is employing to continue its growth.

"We know that our next phase of development will require a differentiated strategy and a new way of thinking, and we are prepared for that," said Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Supreme Fiscal Committee (DSFC).

"I ask you all to, like us, keep your focus on the future," he said. "Because the future in Dubai is bright."

"The slowdown that took place over the last two years gave us in Dubai the opportunity to think, regroup and return to basics in order to leverage on our core, tried and tested competitive edge," Sheikh Ahmed said.

"As the world around us has changed, we too must adapt," he said, adding that Dubai continued to work on improving its business environment, and had made good corporate governance a priority.

Sheikh Ahmed also pointed out that Dubai was working on diversifying revenue sources and said privatisation of government-owned companies was part of the consideration. "We are working on opening the capital of some of our leading companies to the public," Sheikh Ahmad said.

However, Mohammed Ibrahim Al Shaibani, Director-General of the Dubai Ruler's Court and part of the three-member DSFC, said that the government had not decided to take Dubai's Emirates airline public just yet.

"Airlines are commercial companies, and especially an airline like Emirates is very important for the economy," Shaibani said. "Having it in the financial markets is not going to happen now - maybe some day," he added.

At the same time, Ahmed Humaid Al Tayer, Governor of the Dubai International Financial Centre and the third member of the DSFC, said that Dubai's debt woes were behind it. "There is nothing to worry about our ability to fulfil our [debt] obligations," he said.

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