UAE Economic Growth Commentary Lacks Concrete Leads

growth? And at what percent? We are confident that our national establishments’ abilities, combined with the economic measures undertaken by the government, will lead to economic growth this year. Yet, we expect that growth may not come at the same rate of pervious growth records we sustained over the past few years. While speculating global economic contraction of 0.5 percent, international financial bodies forecast a slight growth for the UAE economy. Other forecasts speculate a 3 percent growth for the UAE economy. By Al-Sharq al-Awsat Daily Maybe every cloud has a silver lining. The financial crisis has restored balance to the markets following years of inflation which posed a threat to Dubai’s and the UAE’s economies. Do you see this tough correction, for instance to the real estate market, a good solution to a problem that could have escalated in the future? Sometimes opportunities are born from the wombs of crises. The most important thing is to focus on the future and develop appropriate frameworks that guarantee highest levels of performance on heels of the crisis. Measures undertaken by the government on both local and federal levels will ensure that we shall emerge from the global financial crisis with least damage. The UAE has proven remarkable ability in facing and overcoming previous crises. Specialized committees and task forces are closely monitoring the development of the global crisis and analyzing its impacts on our economy and subsequently propose action plans to resiliently cope with these ongoing changes. By Al-Sharq al-Awsat Daily Many rumors are targeting Dubai claiming it has turned into a ghost city and that tens of thousands are being laid off every week. Don’t you feel upset about these rumors and the way the impact of the crisis has been perceived outside Dubai? Actually, we don’t pay attention to rumors and our response always comes in actions rather than words. As a matter of fact, Dubai visitors these days are surprised by these rumors and I’ve met with many of them recently and they expressed their amazement at Dubai’s traffic jams, overbooked hotels and crowded markets. Dubai’s success -- which it has sustained over the past years -- is the true reason behind this type of mixed reports. Those who spread such rumors -- are they aware of the fact that global nature of Dubai makes it more sub ject to impacts of global changes than any other city? We totally endorse freedom of expression but we always urge responsible freedom that promotes principles of integrity and objectivity. It is truly sad to find international publications that have usually boasted about factual and precise reporting issuing articles based on mere rumors and baseless speculations. We are fully aware of the hidden fierce global economic competition between different parties who are in the same line of business. When a city or a country decides to integrate itself as an effective international player, it should not expect an easy journey full of roses and good wishes. Do you know how many major international airlines are closely monitoring Emirates’ performance? Do you think that international port services companies are happy with the success accomplished by DP World in managing and operating dozens of ports around Europe, Asia and Africa? Do you expect international financial markets are pleased with Dubai Financial Market’s success in its accusation of some of the world’s most important financial markets in the world? HOUSE_OVERSIGHT_024943