UAE is the first to recover from crisis: Sheikh Hamdan

Deputy Prime Minister Sheikh Hamdan bin Zayed Al Nahyan yesterday said the UAE has recovered from the global financial crisis. "We have recovered from the crisis, and the UAE is the first country to recover."

Sheikh Hamdan was speaking to journalists following a tour of Cityscape Abu Dhabi 2009, which has been extended till today.

He was replying to a question on how affected was the UAE by the global crisis. "Effect on the UAE by the global financial crisis was limited, and we have started to recover early after overcoming the most difficult periods of the crisis. And we had the real ability to surmount it."

Sheikh Hamdan attributed the recovery to the wisdom and instruction of the country's leadership represented in the President His Highness Sheikh Khalifa bin Zayed Al Nahyan, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai and General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

Sheikh Hamdan said the government continues to support UAE investment companies as well as foreign companies with investments inside the country.

"We continue to support national and foreign companies. However, reckless firms will not be eligible for government support."

The Deputy Prime Minister disclosed the launch soon of a big integrated investment project in the Western region and which will have tourism and real estate facilities. The new project aims to develop the Western region which currently receives big attention from Abu Dhabi Government, said Sheikh Hamdan. He said he recently visited several countries which have achieved economic revival to develop economic relations with them.

"The UAE has a strong economy and very important strategic position which make it an active economic centre in the region. We continue to consolidate relations with all." Sheikh Hamdan said Cityscape is witness to the strong economy of the UAE. "Everybody can come and see at Cityscape the big volume of giant and ambitious real estate projects, which reflect the solid partnership between the public and private sectors."

The participation by some 300 companies in the exhibition show the strength and prosperity of the economy, said Sheikh Hamdan.

Meanwhile, Minister of higher Education and Scientific Research, Sheikh Nahyan bin Mubarak Al Nahyan, who accompanied Sheikh Hamdan during the Cityscape tour, highlighted the big success of the exhibition.

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