UAE Prime Minister

Mohammed expresses confidence in UAE economy

In an interview with CNN, UAE Vice President, Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum stressed that the UAE's economy is strong despite the effects of global financial crisis. Underscoring the local economy's ability to overcome all challenges arising as a result of the worldwide recession, Sheikh Mohammed revealed Emirates Airline's decision to purchase new aircrafts next month.

Sheikh Mohammed said, ''The recession is a global phenomenon and I do not think that we in Dubai fear it, but instead consider it a challenge.''

He said that the UAE faces daily challenges such as water shortages, growth and development, adding that the country is not suffering from a recession in the real sense of the word, but rather challenges.

''Without challenges,'' Sheikh Mohammed reasoned, ''life would be boring. Dubai and Abu Dhabi and the rest of the UAE are fine,'' he added.

In response to a question about the secret behind the Emirates Group's $15 billion business deals following the events of 9/11, as well as the recent $11.5 billion A380 Airbus purchase during the global financial crisis, Sheikh Mohammed said that opportunities arise out of crises. He remarked that Dubai Airport's continued expansion, in addition to large growth in passenger numbers and tourism, prompt the national airline to invest in more airplanes to keep pace with developments.

Sheikh Mohammed concluded by revealing that Emirates Group will place a large order at the Farnborough Air Show in July.