Business News
Dubai ruler says emirate has strong economy
Dec 1, 2009, 10:27 GMT
Dubai - The ruler of Dubai said Tuesday that his emirate's economy was 'strong' and that it would move ahead with its ambitious development plans.
Sheikh Mohammed bin Rashid Al Maktoum made his remarks after the state-owned Dubai World said last week it was asking for a six month freeze on its debt obligations.
Dubai World racked up liabilities of 59 billion dollars, and announced overnight it was in talks with banks to restructure some 26 billion dollars of debt, signaling that it was not seeking a total default.
The freeze panicked markets around the world, and his hit UAE exchanges particularly hard, with both Abu Dhabi and Dubai facing large declines for a second straight day.
The economy has become 'stronger and more cohesive,' the ruler said in an address marking the 38th anniversary of the founding of the United Arab Emirates.
'Ambitions will remain the ally of our plans, big goals will remain our objectives, nobility of our nation and welfare of the citizens will remain the compass that guides us and orientates our work,' the sheikh said.
His statements came after UAE President Sheikh Khalifa bin Zayed al Nahyan backed the Dubai ruler and said the country's economy would resist the global economic downturn.
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