Dubai has now recovered from the impact of the global financial crisis, it has been claimed.
Sheikh Mohammed Bin Rashid Al Maktoum, the emirates' ruler, has released a statement on his official website claiming the UAE's trade and tourism sectors have proven their financial credentials.
"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.
However, he added that while some government departments have performed well during the economic downturn, others have not performed as well as was expected.
"We are not in the process of holding departments accountable, what's done is done," he added before remarking that the emirate must work together to secure Dubai's current position.
The news comes after the latest rich list by Forbes included four billionaires from the UAE.
Emirates 24/7 reported that despite losing significant amounts in the real estate market Mashreq Bank chairman and chief executive officer Abdul Aziz Al Ghurair ranked number one within the UAE and 42nd in the world with an estimated fortune estimated at USD 2.7 billion.