Vice President and Prime Minister of UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum yesterday visited the Cityscape 2008 which ended later this evening.
As he toured the exhibition's different sections, Sheikh Mohammed said he was satisfied with the level of participation by local and international developers, a sign of confidence on UAE's domestic economy.
"Our national economy, banking sector and financial markets are sound. They draw their strength from a long-term vision, boosted by flexible legislations that protect local and foreign capitals. The services sector is witnessing a significant growth and increasing demand," Sheikh Mohammed said.
He added that the UAE economy was able to weather economic downturns, even during Gulf's first and second wars.
He attributed the country's ability to grow to the clear vision, world-class infrastructure, availability of local and international expertise and the perfect and attractive business environment.
Commenting on the current changes in the international financial markets, Sheikh Mohammed said UAE's economy was far from being affected by the credit gloom. He referred to the current surge in the real estate demand.
Sheikh Mohammed reassured UAE and foreign investors by saying: "our economy and markets are doing well. Our economic history shows the sound vision of the country's leadership and the best example for that is the huge demand witnessed in all sectors, specially the real estate." "We launch initiatives on financial, educational, technological and media fronts and then attract investments from all over the world which shows the success of such initiatives. The new projects we launch are becoming a magnet for the world's best expertise. These projects require associated facilities such as health, education, housing and telecommunications and prompt more investments." Sheikh Mohammed noted that key players in real estate developments were government or semi-government national companies, accounting for 90 percent of the companies operating in this sector.
He concluded by saying that the government possesses the determination and experience to protect the national economy and financial markets. – Emirates News Agency, WAM
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