Sheikh Mohammed: Dubai has recovered from economic downturn

21/03/2011 - Dubai Investment News Posted by Bob Brunskill
Sheikh Mohammed: Dubai has recovered from economic downturn

Dubai's ruler Sheikh Mohammed Bin Rashid Al Maktoum has claimed that the emirate has recovered from the impact of the global financial crisis.

In a statement, Sheikh Mohammed said that the UAE's trade and tourism hub proved its financial credentials and core business was strong.

"Past experiences have proved Dubai's merit as a hub for business and finance with the necessary infrastructure to attract investors from the UAE and abroad," he commented.

The crisis required a financial regulatory system to oversee government departments, Sheikh Mohammed said, but added that it will not curb future development.

"We must look forward and find ways to work freely without hindrance," he said.

Indeed, it has been confirmed that recovery continued last year in Dubai, with the emirate's economy expanding by 2.2 per cent.

The recovery was said to be bolstered by a resurgence in trade flows and tourism, the Dubai statistics office told Reuters in an email.ADNFCR-2019-ID-800470745-ADNFCR