Asia-Pacific

UAE president says national economy in good shape

(Xinhua)
Updated: 2009-12-01 21:43

ABU DHABI: United Arab Emirates (UAE) President Sheikh Khalifa bin Zayed al-Nahayan said Tuesday that the country's economy was "fine" and the impact of the financial crisis would not stop its plans for growth.

"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, not a justification to lead us to a despair or inaction," Sheikh Khalifa was quoted as saying by the official news agency WAM.

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Addressing the nation on the eve of the National Day, he noted that "the leadership and the UAE people are confident to continue steadily and consistently the implementation of what have been adopted in terms of the strategies and plans."

The top priority was to build national capacity and "launch human energy directed toward the horizons of excellence, innovation and competition," the president said, adding that the UAE economy was showing signs of gradual growth in the fourth quarter this year.

He said the country's economic model would enable it to move " from the stage of gradual labor-intensive to a new stage, strong industry and the high-tech, capital-intensive, knowledge-based on advanced technology, environmental awareness to preserve the nation and protect the identity and increase availability of real jobs for our children."

Sheikh Khalifa also expressed his support to Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum, also the UAE's vice president and prime minister, saying Sheikh Mohammed and his cabinet "face every morning challenges, but plan and remove all obstacles to score achievements."

The government of Dubai, a member of the oil-rich federation UAE, announced last Wednesday that it would ask creditors of Dubai World, one of its largest and most important conglomerates, to agree to a debt moratorium of at least six months as a first step towards restructuring.

The announcement, described by ratings agency Standard and Poor 's as a default, provided the focus for world financial markets and media since last Thursday, hitting bank stocks worldwide and arousing concerns for another wave of financial crisis.