The economic downturn could last for as long as three to five years and recovery will be gradual process, said Sheikh Mohammed bin Faisal bin Sultan Al Qassimi, Chairman and CEO of Manafa.
"I feel the global economic downturn could last for as long as three to five years. Without doubt, 2009 is going to be the worst – especially the last quarter of 2009 and the impact may continue to be felt, possibly even as far as five years from now.
"Over a period of time, we will begin to see the economy pick up naturally, but it will be a gradual process. Regaining the confidence of investors in such a climate is not easy of course, but it will be those who are savvy enough to invest intelligently in the long-term and see the bigger picture are going to survive. Short term gain is over – it just doesn't exist anymore."
"At the moment we [Manafa] are looking at existing operations to enhance performance, consolidate business and improve corporate social responsibility," he said. "We will look to improve policies and procedures too. Taking this approach will aid us in finding the very special opportunities that will help us to navigate through the rough weather."
Under Sheikh Mohammed's leadership, Manafa has enjoyed amazing growth and expansion, regularly acquiring new businesses to operate under the Manafa has a number of subsidiaries in diverse sectors including real estate, hospitality, tourism, trading, marketing, energy and resources, security printing and private equity, the company said.
Although conceding the negative impact the global economic downturn has had throughout the UAE, he remained cautiously optimistic about prospects for the future and refused to rule out possible future expansion plans.
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