DUBAI WILL EMERGE AS STRONG AS EVER

Dubai will emerge as strong as ever, UAE paper

Dec 1, 2009 - 09:22 - WAM Abu Dhabi, Dec 1st, 2009 (WAM) -- Markets rise and fall, often driven by little more than greed and fear, but it is an ability to see fundamental strengths and have a long-term vision of economic development that distinguishes investors and leaders from speculators, commented a UAE daily."The government of the UAE has a clear vision for the development of the country and a commitment to building a dynamic economy that can meet the needs of its people. This remains in place, no matter the difficulties that the country may face from time to time", opined Dubai-based "Gulf News" in its today's editorial "Dubai will emerge as strong as ever".The paper said that last month Dubai successfully issued a bond that was significantly oversubscribed by investors who had confidence in its future. Late last week, the emirate was able to raise another $5 billion (Dh18.3 billion) to service its debts from business-minded bankers, even if they have government shareholders. The move to restructure the debt of Dubai World is just another step in the government's systematic efforts to Position its corporations to deal with the global economic crisis."The decision by the UAE Central Bank to increase the Liquidity available to the country's banks is a sensible precaution during difficult financial times. It has strengthened confidence in the financial system, which is the backbone of the economy", it observed.Senior local and international business leaders have made it clear that the economy and financial system of the UAE has the resources and is strong enough to survive the global downturn. They are right."Markets and investors are resilient, especially in well-run economies, and once the hue and cry has died down, Dubai will emerge as strong as ever", it concluded.