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.
Thursday, December 3, 2009
EQUITY DERIVATIVES VOLUMES ON NASDAQ DUBAI RISE 55PC
Equity Derivatives Volumes
on Nasdaq Dubai Rise 55pc
DUBAI — Equity derivatives trading volumes on NASDAQ Dubai grew to a monthly record of 21,330 in October 2009, up 55 per cent from the previous record high of 13,775 traded in September. This brought the total number of Equity derivatives traded on the Exchange to 90,467 since NASDAQ Dubai launched the market in November 2008, with 52 per cent of the trades taking place in the last three months.The Exchange’s Equity derivatives market consists of futures listed on 21 individual UAE companies and on the FTSE NASDAQ Dubai UAE 20 share index. These have been designed as hedging and investment mechanisms for GCC and international investors. The Index rose 76 per cent from end-2008 to end-October 2009, to 2,201.Equities trading volumes on NASDAQ Dubai rose to 2.53 billion shares in the first 10 months of 2009, up 32 per cent from 1.92 billion reported in the same period of 2008. In the month of October 2009, 213 million equities traded, a fall of 39 per cent from the 350 million reported in October 2008 and 19 per cent down from 262 million in September 2009.The Exchange introduced mandatory reporting of all over the counter equities trades in September 2008.A total of 1,273 Dubai Gold Securities (DGS) traded on the exchange in October 2009, compared to 11,249 in September 2009. Since listing in March 2009, a total of 40,213 DGS traded on the exchange up to the end of October. business@khaleejtimes.com
DUBAI — Equity derivatives trading volumes on NASDAQ Dubai grew to a monthly record of 21,330 in October 2009, up 55 per cent from the previous record high of 13,775 traded in September. This brought the total number of Equity derivatives traded on the Exchange to 90,467 since NASDAQ Dubai launched the market in November 2008, with 52 per cent of the trades taking place in the last three months.The Exchange’s Equity derivatives market consists of futures listed on 21 individual UAE companies and on the FTSE NASDAQ Dubai UAE 20 share index. These have been designed as hedging and investment mechanisms for GCC and international investors. The Index rose 76 per cent from end-2008 to end-October 2009, to 2,201.Equities trading volumes on NASDAQ Dubai rose to 2.53 billion shares in the first 10 months of 2009, up 32 per cent from 1.92 billion reported in the same period of 2008. In the month of October 2009, 213 million equities traded, a fall of 39 per cent from the 350 million reported in October 2008 and 19 per cent down from 262 million in September 2009.The Exchange introduced mandatory reporting of all over the counter equities trades in September 2008.A total of 1,273 Dubai Gold Securities (DGS) traded on the exchange in October 2009, compared to 11,249 in September 2009. Since listing in March 2009, a total of 40,213 DGS traded on the exchange up to the end of October. business@khaleejtimes.com
DP WORLD AND JAFZA NOT INCLUDED IN RESTRUCTURING
DP World and Jafza not Included in Restructuring
DUBAI - DP World Ltd. and Jebel Ali Freezone will not be included in the financial restructuring of their parent firm, Dubai World, officials said on Thursday, after credit-rating agencies Standard & Poor's and Moody's Investors Service downgraded some Dubai government-run companies once the restructuring plan became public. Dubai World, saddled with $59 billion in debts, surprised markets on Wednesday by stating that it would Ask its creditors to accept a delay in all repayments until the end of May, 2010. The government-owned group said it would seek a “standstill agreement” extending the maturities of debts owed by its member companies, including a $3.52 billion Islamic bond that its property subsidiary Nakheel PJSC is obliged to repay on December 14.In a filing to NASDAQ Dubai, DP World, the fourth-biggest operator of container ports worldwide, said it would not be part of the restructuring effort at Dubai World.A person knowledgeable about the restructuring effort said that Jebel Ali Freezone, or Jafza, also would not be included in the restructuring. Jafza operates a 48-square kilometre free zone adjacent to Jebel Ali port and Dubai’s planned Al Maktoum International Airport.Dubai World’s logistics units, including port operations and the free zone, are believed to be among its most financially sound businesses.It was not clear whether any other Dubai World member companies would be excluded from the financial restructuring. Officials at Dubai World did not immediately respond to requests for clarification.Standard & Poor’s, acting late last night Dubai time, cut its debt ratings for several Dubai government-owned and related companies, including DIFC Investments, Dubai Holding Commercial Operations Group and Emaar Properties, as well as DP World and Jebel Ali Free Zone.“The rating actions are the result of the announcement on November 25 of the restructuring of the debt obligations of Dubai World and Nakheel. Such a restructuring may be considered a Default under our Default criteria, and represents the failure of the Dubai government to provide timely financial Support to a core government-related entity,” S & P said in a statement.Moody’s downgraded DP World, Jafza, Dubai Electricity & Water Authority, DIFC Investments, Dubai Holding Commercial Operations Group and Emaar Properties. Moody’s doesn’t rate Dubai World or Nakheel.International financial markets reacted negatively to Dubai World’s announcement, and credit-default swaps — a form of insurance against Default by an issuer of debt — rose sharply across the Gulf region.Five-year credit-default swaps in the Gulf were trading at 550 to 600 basis points and were likely to stay high, said Luis Eduardo Costa, a London-based emerging market debt strategist at Commerzbank.“In terms of pricing implications, we believe Dubai Risk is poised to remain elevated,” Costa said in an emailed statement. “We expect further pressure on the Dubai credit-default Swap side.”Shakeel Sarwar, the head of Asset management at Bahrain-based Securities & Investment Company, or Sico, said that the Dubai government might Risk “a technical default” if creditors balked at the debt standstill.“The important question is what happens after six months? How will Dubai World raise the money? Borrowing from the international markets under the current situation is difficult,” he said.Dubai World’s announcement left Open the possibility that it might need to Ask for a further delay in payments beyond May 30.Sarwar said that Dubai’s overall debt burden may force it to rely more heavily on neighbouring Abu Dhabi for support. Dubai’s government-related entities owe a total of nearly $50 billion in payments that are due over the next three years.“It takes years to rebuild trust, as we’ve seen in the case of Argentina,” Sarwar said.“I don’t think Dubai can afford to default.”(rocel@khaleejtimes.com)
DUBAI - DP World Ltd. and Jebel Ali Freezone will not be included in the financial restructuring of their parent firm, Dubai World, officials said on Thursday, after credit-rating agencies Standard & Poor's and Moody's Investors Service downgraded some Dubai government-run companies once the restructuring plan became public. Dubai World, saddled with $59 billion in debts, surprised markets on Wednesday by stating that it would Ask its creditors to accept a delay in all repayments until the end of May, 2010. The government-owned group said it would seek a “standstill agreement” extending the maturities of debts owed by its member companies, including a $3.52 billion Islamic bond that its property subsidiary Nakheel PJSC is obliged to repay on December 14.In a filing to NASDAQ Dubai, DP World, the fourth-biggest operator of container ports worldwide, said it would not be part of the restructuring effort at Dubai World.A person knowledgeable about the restructuring effort said that Jebel Ali Freezone, or Jafza, also would not be included in the restructuring. Jafza operates a 48-square kilometre free zone adjacent to Jebel Ali port and Dubai’s planned Al Maktoum International Airport.Dubai World’s logistics units, including port operations and the free zone, are believed to be among its most financially sound businesses.It was not clear whether any other Dubai World member companies would be excluded from the financial restructuring. Officials at Dubai World did not immediately respond to requests for clarification.Standard & Poor’s, acting late last night Dubai time, cut its debt ratings for several Dubai government-owned and related companies, including DIFC Investments, Dubai Holding Commercial Operations Group and Emaar Properties, as well as DP World and Jebel Ali Free Zone.“The rating actions are the result of the announcement on November 25 of the restructuring of the debt obligations of Dubai World and Nakheel. Such a restructuring may be considered a Default under our Default criteria, and represents the failure of the Dubai government to provide timely financial Support to a core government-related entity,” S & P said in a statement.Moody’s downgraded DP World, Jafza, Dubai Electricity & Water Authority, DIFC Investments, Dubai Holding Commercial Operations Group and Emaar Properties. Moody’s doesn’t rate Dubai World or Nakheel.International financial markets reacted negatively to Dubai World’s announcement, and credit-default swaps — a form of insurance against Default by an issuer of debt — rose sharply across the Gulf region.Five-year credit-default swaps in the Gulf were trading at 550 to 600 basis points and were likely to stay high, said Luis Eduardo Costa, a London-based emerging market debt strategist at Commerzbank.“In terms of pricing implications, we believe Dubai Risk is poised to remain elevated,” Costa said in an emailed statement. “We expect further pressure on the Dubai credit-default Swap side.”Shakeel Sarwar, the head of Asset management at Bahrain-based Securities & Investment Company, or Sico, said that the Dubai government might Risk “a technical default” if creditors balked at the debt standstill.“The important question is what happens after six months? How will Dubai World raise the money? Borrowing from the international markets under the current situation is difficult,” he said.Dubai World’s announcement left Open the possibility that it might need to Ask for a further delay in payments beyond May 30.Sarwar said that Dubai’s overall debt burden may force it to rely more heavily on neighbouring Abu Dhabi for support. Dubai’s government-related entities owe a total of nearly $50 billion in payments that are due over the next three years.“It takes years to rebuild trust, as we’ve seen in the case of Argentina,” Sarwar said.“I don’t think Dubai can afford to default.”(rocel@khaleejtimes.com)
FBMKLCI - PERFORMANCE - NOVEMEBR 2009
INITIATION NO: 1
LONG 1243
LIQUIDATION
1271
PROFIT = 28 POINTS
INITIATION NO: 2
SHORT - 1271
LIQUDATION
1267
PROFIT = 4 POINTS
TOTAL PROFIT FOR MONTH OF NOVEMBER = 32 POINTS
LONG 1243
LIQUIDATION
1271
PROFIT = 28 POINTS
INITIATION NO: 2
SHORT - 1271
LIQUDATION
1267
PROFIT = 4 POINTS
TOTAL PROFIT FOR MONTH OF NOVEMBER = 32 POINTS
UAE SUCCEEDS IN REDUCING IMPACT OF GLOBAL ECONOMICS
UAE Succeeds in Reducing Impact of Global Economic Crisis: Lubna
DUBAI - Shaikha Lubna Al Qasimi, UAE Minister of Foreign Trade, said the country has successfully managed to limit the impact of the harshest phase of downturn and has achieved a remarkable economic performance. The minister was addressing the Seventh Session of World Trade Organisation Ministerial Conference in Geneva. The UAE minister said that “we have achieved our economic targets without resorting to any protective measures amid continuing global financial downturn.”“We reiterate the Call of the WTO to devise and announce exit strategies to remove trade restrictions and production subsidies that some members have introduced temporarily to counteract the effects of the crisis, and start implementing those strategies as soon as domestic economic recovery takes hold,” Shaikha Lubna affirmed.“Conscious of recent developments in the global economy, the UAE has successfully managed to limit the impact of the harshest phase of the downturn and has succeeded in achieving a remarkable economic performance without recourse to any protectionist measures. By doing so, the UAE strongly affirms its attachment to a fair multilateral trading system. Nonetheless, in the Short run and in concert with GCC countries, the UAE has already signed a series of Free Trade Agreements, and with more still being negotiated since we believe that these agreements can serve as important “stepping-stone” to progress at the WTO and such will lead to freer multilateral trade in the medium-term,” she added. “In order to move the trade system ahead, we need to seriously accelerate the pace and ensure that meaningful negotiations emerge, and real exchanges among members, so as to speed up not only global economic recovery but also a successful outcome of the Doha Agenda negotiations. The WTO Ministerial Conference provides a platform for sending a number of strong signals to the world and for delivering an emphatic message beyond these walls to uplift people’s faith in an Open international trading system and a peaceful world” the UAE minister pointed out.She added by saying: “Kant, one of the greatest philosophers of enlightenment, indicated unambiguously in his work on Perpetual Peace among nations that trade brings about peace and that peace will be maintained through trade. On this note, we Call for more Support for the efforts of Developing and Less Developed Countries to address the economic slowdown and to facilitate in the meantime WTO accession to such countries, with special reference to Arabic countries who have voiced their concerns on this issue.” Shaikha Lubna, participated as the head of the UAE delegation in the Seventh Session of the WTO Ministerial Conference in Geneva, which began on November 30, 2009.The delegation included Juma Al Keit, Executive Director for Foreign Trade Affairs, Obeid Al Kindi, UAE Representative at World Trade Organisation in Geneva, Sultan Darweesh, Director of Negotiations and Trade Agreements, Ministry of Foreign Trade, Economist Mohammed Al Imam and a number of officials. She also chaired the Ministerial Consultative Meeting of the Organisation of Islamic Conference, which was held before the WTO Ministerial Conference, with the participation of a number of trade ministers and heads of delegations of member states.
DUBAI - Shaikha Lubna Al Qasimi, UAE Minister of Foreign Trade, said the country has successfully managed to limit the impact of the harshest phase of downturn and has achieved a remarkable economic performance. The minister was addressing the Seventh Session of World Trade Organisation Ministerial Conference in Geneva. The UAE minister said that “we have achieved our economic targets without resorting to any protective measures amid continuing global financial downturn.”“We reiterate the Call of the WTO to devise and announce exit strategies to remove trade restrictions and production subsidies that some members have introduced temporarily to counteract the effects of the crisis, and start implementing those strategies as soon as domestic economic recovery takes hold,” Shaikha Lubna affirmed.“Conscious of recent developments in the global economy, the UAE has successfully managed to limit the impact of the harshest phase of the downturn and has succeeded in achieving a remarkable economic performance without recourse to any protectionist measures. By doing so, the UAE strongly affirms its attachment to a fair multilateral trading system. Nonetheless, in the Short run and in concert with GCC countries, the UAE has already signed a series of Free Trade Agreements, and with more still being negotiated since we believe that these agreements can serve as important “stepping-stone” to progress at the WTO and such will lead to freer multilateral trade in the medium-term,” she added. “In order to move the trade system ahead, we need to seriously accelerate the pace and ensure that meaningful negotiations emerge, and real exchanges among members, so as to speed up not only global economic recovery but also a successful outcome of the Doha Agenda negotiations. The WTO Ministerial Conference provides a platform for sending a number of strong signals to the world and for delivering an emphatic message beyond these walls to uplift people’s faith in an Open international trading system and a peaceful world” the UAE minister pointed out.She added by saying: “Kant, one of the greatest philosophers of enlightenment, indicated unambiguously in his work on Perpetual Peace among nations that trade brings about peace and that peace will be maintained through trade. On this note, we Call for more Support for the efforts of Developing and Less Developed Countries to address the economic slowdown and to facilitate in the meantime WTO accession to such countries, with special reference to Arabic countries who have voiced their concerns on this issue.” Shaikha Lubna, participated as the head of the UAE delegation in the Seventh Session of the WTO Ministerial Conference in Geneva, which began on November 30, 2009.The delegation included Juma Al Keit, Executive Director for Foreign Trade Affairs, Obeid Al Kindi, UAE Representative at World Trade Organisation in Geneva, Sultan Darweesh, Director of Negotiations and Trade Agreements, Ministry of Foreign Trade, Economist Mohammed Al Imam and a number of officials. She also chaired the Ministerial Consultative Meeting of the Organisation of Islamic Conference, which was held before the WTO Ministerial Conference, with the participation of a number of trade ministers and heads of delegations of member states.
UAE can overcome Dubai debt challenges
UAE can overcome Dubai debt challenges - official
DUBAI: Top Emirates officials rallied together Wednesday, extolling the strength of the country’s economy in a show of bravado that ignored the debt woes facing the one-time Arab boomtown of Dubai. In speeches on the national holiday marking the unification 38 years ago of seven small desert fiefdoms into the United Arab Emirates, they stressed the country’s push to grow and diversify its economy to face any adversity. Their speeches did not mention the crippling billion debt owed by Dubai World, the city state-owned conglomerate with interests ranging from ports to luxury retailer Barney’s New York that have powered the emirate’s growth. Dubai World shocked global markets last week by announcing it would Ask creditors for at least a six-month reprieve in payments on billion of its debt as it undergoes a restructuring process. The announcement sent ripples of fear throughout the world as investors worried both about Dubai World’s possible Default and that it was an indication of broader global problems that could undermine the world’s shaky recovery from the worst recession in decades. Dubai had built itself up from a desert hamlet to a Middle Eastern Disneyland on borrowed cash. Cheap Credit over the past few years provided developers with the money they needed for soaring skyscrapers and luxury residential compounds on man-made islands. The global meltdown dried up that Liquidity and property prices collapsed as the bills came due. Fears about Dubai’s inability to pay sent global markets tumbling sharply last week and hammered ones in the Gulf region earlier this week, with the UAE’s main bourses posting losses as high as 8 percent in one day. But on the national holiday, UAE officials were upbeat. “There is no doubt that the drastic changes and challenges which the global economy is facing prove that the (UAE) economy is strong, built on a solid foundation able to withstand crisis, no matter how difficult,” said Economy Minister Sultan al-Mansouri. “We reaffirm the strength of the economy, and its ability to overcome upcoming challenges,” Mansouri added, according to the official news agency, WAM. Nasser al-Sweidi, chief of the Abu Dhabi Economic Department, reaffirmed the country’s pride in the “wise political leadership” that has steered the economy toward Diversification and development of non-oil sectors. “The economy was able to maintain its strength and steadfastness throughout 2009 amid the international financial and economic crisis,” Sweidi said. However, authorities have fueled investor concerns by saying that Dubai World’s debt crunch was its own – and not something for which the Dubai government was responsible. The uncertainty over how Dubai World and Dubai itself will deal with the debt sent global markets spiraling late last week, while the two biggest UAE bourses and others in the Gulf Arab region recorded sharp drops starting Monday, the first day of business after an extended Islamic holiday. Dubai World recently said it launched debt restructuring talks with creditors on billion of its dues. The company said that the restructuring would include about billion in Islamic bonds issued by its real-estate arm, Nakheel, the company behind Dubai’s iconic, palm-shaped artificial islands. About .5 billion of the bonds come due on December 14, and Nakheel was viewed as the litmus test for how the company would deal with its debt woes. The company did not address the broader issue of how it would meet its entire crushing debt burden. Excluded from the process were debts from Infinity World Holding, Istithmar World and Ports & Free Zone World. That subsidiary includes ports and terminal operator DP World, Economic Zones World, P&O Ferries and Jebel Ali Free Zone, which on Tuesday said it paid a roughly billion Islamic bond on time. Among other unanswered questions were whether and with how much Abu Dhabi, the oil-rich seat of the UAE’s federal government, would step in with some sort of bailout. Analysts have said the government would likely not allow a major default, but that any steps taken by Abu Dhabi would come at a price for Dubai, whose meteoric and glitzy rise to fame far overshadowed Abu Dhabi’s more conservative, oil Revenue driven development push.
DUBAI: Top Emirates officials rallied together Wednesday, extolling the strength of the country’s economy in a show of bravado that ignored the debt woes facing the one-time Arab boomtown of Dubai. In speeches on the national holiday marking the unification 38 years ago of seven small desert fiefdoms into the United Arab Emirates, they stressed the country’s push to grow and diversify its economy to face any adversity. Their speeches did not mention the crippling billion debt owed by Dubai World, the city state-owned conglomerate with interests ranging from ports to luxury retailer Barney’s New York that have powered the emirate’s growth. Dubai World shocked global markets last week by announcing it would Ask creditors for at least a six-month reprieve in payments on billion of its debt as it undergoes a restructuring process. The announcement sent ripples of fear throughout the world as investors worried both about Dubai World’s possible Default and that it was an indication of broader global problems that could undermine the world’s shaky recovery from the worst recession in decades. Dubai had built itself up from a desert hamlet to a Middle Eastern Disneyland on borrowed cash. Cheap Credit over the past few years provided developers with the money they needed for soaring skyscrapers and luxury residential compounds on man-made islands. The global meltdown dried up that Liquidity and property prices collapsed as the bills came due. Fears about Dubai’s inability to pay sent global markets tumbling sharply last week and hammered ones in the Gulf region earlier this week, with the UAE’s main bourses posting losses as high as 8 percent in one day. But on the national holiday, UAE officials were upbeat. “There is no doubt that the drastic changes and challenges which the global economy is facing prove that the (UAE) economy is strong, built on a solid foundation able to withstand crisis, no matter how difficult,” said Economy Minister Sultan al-Mansouri. “We reaffirm the strength of the economy, and its ability to overcome upcoming challenges,” Mansouri added, according to the official news agency, WAM. Nasser al-Sweidi, chief of the Abu Dhabi Economic Department, reaffirmed the country’s pride in the “wise political leadership” that has steered the economy toward Diversification and development of non-oil sectors. “The economy was able to maintain its strength and steadfastness throughout 2009 amid the international financial and economic crisis,” Sweidi said. However, authorities have fueled investor concerns by saying that Dubai World’s debt crunch was its own – and not something for which the Dubai government was responsible. The uncertainty over how Dubai World and Dubai itself will deal with the debt sent global markets spiraling late last week, while the two biggest UAE bourses and others in the Gulf Arab region recorded sharp drops starting Monday, the first day of business after an extended Islamic holiday. Dubai World recently said it launched debt restructuring talks with creditors on billion of its dues. The company said that the restructuring would include about billion in Islamic bonds issued by its real-estate arm, Nakheel, the company behind Dubai’s iconic, palm-shaped artificial islands. About .5 billion of the bonds come due on December 14, and Nakheel was viewed as the litmus test for how the company would deal with its debt woes. The company did not address the broader issue of how it would meet its entire crushing debt burden. Excluded from the process were debts from Infinity World Holding, Istithmar World and Ports & Free Zone World. That subsidiary includes ports and terminal operator DP World, Economic Zones World, P&O Ferries and Jebel Ali Free Zone, which on Tuesday said it paid a roughly billion Islamic bond on time. Among other unanswered questions were whether and with how much Abu Dhabi, the oil-rich seat of the UAE’s federal government, would step in with some sort of bailout. Analysts have said the government would likely not allow a major default, but that any steps taken by Abu Dhabi would come at a price for Dubai, whose meteoric and glitzy rise to fame far overshadowed Abu Dhabi’s more conservative, oil Revenue driven development push.
DUBAI WORLD - UAE HAS REASON TO BE PROUD
UAE has every reason to be proud, UAE paper
Dec 3, 2009 - 09:41 - WAM Sharjah, Dec, 3rd 2009 (WAM) -- As the United Arab Emirates (UAE) celebrates its 38th National Day, the leadership and people of the country have every reason to be proud of what they have achieved. From windswept oases has sprung a vibrant country that is a match to any advanced state in the East or West, commented a UAE daily. At the same time, the UAE has not allowed modernism to have any impact on the Arab culture and traditions that its people hold so dear and near and His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice- President, Prime Minister and Ruler of Dubai and indeed the Supreme Council Members assured everyone on the occasion of the National Day, the UAE is stronger and better off because its economy is fine and the society is founded on integrity, transparency, rights, freedom and respect, opined Sharjah based-English language newspaper " The Gulf Today" in its today's editorial "UAE has every reason to be proud". "Indeed, the prosperity that the UAE enjoys is a source of envy for many around the world who lack the vision and foresight of the leadership of the UAE. And it is behind the Trend of some to grab and take any opportunity to try to taint the UAE's image", it added."We have been seeing this happening since the global economic recession that hit late last year. We have seen a consistent pattern of attempts to paint the UAE in a negative light. It was as if someone had a hidden agenda and a dictated game was being played out by people who appeared to be giving vent to their frustrations through badmouthing", the paper underscored.Well, those attempts did not really have an impact because both local and foreign residents of the region and beyond know that the UAE's economy remains as strong as ever and is poised to grow faster than most others elsewhere.Of course, no country is spared from the effects of the global economic recession. The UAE is not an exception to the global chain of events. However, the UAE has not only withstood the impact of the recession but has also adjusted and accommodated itself to the changes in the global economic scene. "It is looking forward to continued economic growth and prosperity for its people with confidence. And that stands out as one of the country's most notable achievements as it celebrates its National Day with a united voice and determination to march ahead in full force", it concluded. WAM/AMIR
Dec 3, 2009 - 09:41 - WAM Sharjah, Dec, 3rd 2009 (WAM) -- As the United Arab Emirates (UAE) celebrates its 38th National Day, the leadership and people of the country have every reason to be proud of what they have achieved. From windswept oases has sprung a vibrant country that is a match to any advanced state in the East or West, commented a UAE daily. At the same time, the UAE has not allowed modernism to have any impact on the Arab culture and traditions that its people hold so dear and near and His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice- President, Prime Minister and Ruler of Dubai and indeed the Supreme Council Members assured everyone on the occasion of the National Day, the UAE is stronger and better off because its economy is fine and the society is founded on integrity, transparency, rights, freedom and respect, opined Sharjah based-English language newspaper " The Gulf Today" in its today's editorial "UAE has every reason to be proud". "Indeed, the prosperity that the UAE enjoys is a source of envy for many around the world who lack the vision and foresight of the leadership of the UAE. And it is behind the Trend of some to grab and take any opportunity to try to taint the UAE's image", it added."We have been seeing this happening since the global economic recession that hit late last year. We have seen a consistent pattern of attempts to paint the UAE in a negative light. It was as if someone had a hidden agenda and a dictated game was being played out by people who appeared to be giving vent to their frustrations through badmouthing", the paper underscored.Well, those attempts did not really have an impact because both local and foreign residents of the region and beyond know that the UAE's economy remains as strong as ever and is poised to grow faster than most others elsewhere.Of course, no country is spared from the effects of the global economic recession. The UAE is not an exception to the global chain of events. However, the UAE has not only withstood the impact of the recession but has also adjusted and accommodated itself to the changes in the global economic scene. "It is looking forward to continued economic growth and prosperity for its people with confidence. And that stands out as one of the country's most notable achievements as it celebrates its National Day with a united voice and determination to march ahead in full force", it concluded. WAM/AMIR
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