While the global recessionary pandemic has affected the UAE's banking, real estate and tourism sectors, the government's swift counter measures have supported the economy, a senior minister said yesterday.
"The measures taken by the UAE Government to address the crisis have supported the economy and created opportunities for new activities and businesses," said Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Higher Education and Scientific Research, yesterday while opening "The Gulf during the International Financial Crisis – Heading For Stability" summit, organised by the Dubai Chamber of Commerce and Industry in co-operation with the US's Georgetown University.
He added consolidation was the need of the hour, and only mergers and alliances are capable of dealing with the crisis. "Leaders have a prominent role in affecting change, especially as the world is changing. Therefore, these changes should be monitored and understood," Sheikh Nahyan said.
Dr Henry Azzam, Deutsche Bank's CEO for the Middle East and North Africa, said he expected economic growth in the UAE to fall in the current year. The government's support will save the economy from reaching a recessionary phase, he added.
"The $20bn (Dh73.4bn) bonds issued recently by Dubai provide a guarantee for financial markets that Dubai is able to cover its financial commitments for this year," Azzam said.
The forum was the beginning of a one-week course titled "Residence in Dubai" offered by Georgetown University. The list of firms co-operating with the programme include Emirates NBD, Nakheel and Shuaa Capital, among others.