Sheikh Mohammed announces Dubai economy still stable.
The UAE economy has been and is still sound and the government is handling the fall out of the global financial crisis with patience and wisdom, Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum has announced.
Sheikh Mohammed, the vice president and prime minister of the UAE, called for greater constructive cooperation and coordination among financial and banking institutions around the world to mitigate the negative consequences of the crisis on the development programmes in different countries of the world.
He made his comments during talks with visiting chairman of the US Senate Finance Committee.
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name withheld Dec 16, 2008 12:53 pm
As much as I love Dubai and am in complete admiration of the vision and indeed what has been achieved to date, I believe the econmomy is far from stable. House prices are on the decline, thousands have been made redundant and subject to one month's grace to secure further employment. Both my husband and I work within the construction industry, both professiionals and well educated, 3 weeks ago we were handed the dreaded envelope on the same day, with ownership of a residence, cars and indeed schooling for our child, it has truly been the most horrific time, there is little employment opportunities within Dubai as the wave continues to move through all industries.