His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has stressed the UAE will maintain the dirham’s peg to the US dollar for the moment.
Speaking to the media on board the special plane that took Sheikh Mohammed from Beijing to Shanghai during his official visit to China, Sheikh Mohammed said de-pegging is not an easy thing, and it involves several issues that should be studied before making a decision in this respect.
Sheikh Mohammed said his visit to China, which opens up huge potential in various domains, is necessary and useful since Beijing is now a new power in world economy.
The country wants to benefit from the UAE’s growing potential as a gateway to trade, investment and tourism exchanges, not only at a regional but also a much wider geographical level.
“The UAE in general and Dubai in particular are playing a pivotal role in fields of business, finance and trade, and China hopes that its relations with the UAE will boost its exports and investments… inside and outside of the region,” said the official.
Meanwhile, state news agency Wam has reported that Minister of State for Finance Ubaid Al Tayer will meet with the Federal National Council on April 8 to respond to queries related to the dollar peg. Earlier, Al Tayer also commented that the Emirates should ditch the peg in order to curb the rising inflation.
UAE firm on dollar peg