Economy will overcome challenges: Mohammed



His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has stressed that the country’s economy is strong despite the effects of the global financial crisis, during an interview with CNN, to be aired in full on Friday, July 25.

Underscoring the local economy’s ability to overcome challenges arising from the global recession, Sheikh Mohammed revealed Emirates airline’s decision to purchase new aircraft next month.

He said: “The recession is a global phenomenon and I do not think that we in Dubai fear it, but instead we consider it a challenge.”

Sheikh Mohammed said the UAE faces daily challenges such as water shortages, growth and development, but added the country is not suffering from a recession in the real sense of the word, but is facing challenges. “Without challenges,” he reasoned, “life would be boring. Dubai and Abu Dhabi and the rest of the UAE are fine.”

Asked about the secret behind the Emirates Group’s $15billion (Dh55bn) business deals following the events of 9/11 as well as the recent $11.5bn A380 Airbus purchase during the global financial crisis, Sheikh Mohammed said that opportunities arise out of crises.

He remarked that Dubai International airport’s continued expansion, in addition to large growth in passenger numbers and tourism, prompted the national airline to invest in more aircraft to keep pace with developments. Sheikh Mohammed concluded by revealing that Emirates Group would place a large order at the Farnborough Air Show in July.

By Staff Writer