UAE president Shaikh Khalifa Bin Zayed Al Nahyan today said the country's economy is fine and the Dubai administration will "remove obstacles to score achievements."
In an address to the nation on the occasion of the 38th National Day of the UAE, president Shaikh Khalifa Bin Zayed Al Nahyan, said the leadership and the people of the country are confident to continue steadily and consistently the implementation of what has been adopted in terms of strategies and plans.
On the Dubai debt crisis, the president said, "My brother…ruler of Dubai and the council of ministers, face challenges every morning, but plan and remove all obstacles to score achievements."
State-owned conglomerate Dubai World's decision last week to seek an extension of repayment of USD59 billion credit until May next year, has robbed the sheen off Dubai as an investment destination. The debt crisis has seen the world markets plunging in the following days and there was blood bath on Gulf bourses with the confidence of investors being rattled.
"We would like to assure everyone that our country is stronger and better off, since our economy is fine and our society enjoys welfare.
The global financial crisis on its severity will not be a reason for hesitation or retreat, nor a justification to lead us to a despair or inaction," Sheikh Khalifa said.
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