In an exclusive interview with CNN, His Highness Shaikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai and Prime Minister of UAE, reinforced that the worst period of the economic downturn was over and that Dubai was looking for opportunities of growth.
Sounding very optimistic about the future, Shaikh Mohammed said, “I don’t call it a recession, I call it a challenge” and stressed that the UAE’s economy is strong despite the effects of global financial crisis.
Underscoring the local economy’s ability to overcome all challenges arising as a result of the worldwide recession, Shaikh Mohammed revealed Emirates Airline’s decision to purchase new aircrafts next month.
Shaikh Mohammed said, “The recession is a global phenomenon and I do not think that we in Dubai fear it, but instead consider it a challenge”.
He said that the UAE faces daily challenges such as water shortages, growth and development, adding that the country is not suffering from a recession in the real sense of the word, but rather challenges.
“Without challenges,”Shaikh Mohammed reasoned, “life would be boring. Dubai and Abu Dhabi and the rest of the UAE are fine,” he added.
In response to a question about the secret behind the Emirates Group’s $15 billion business deals following the events of 9/11, as well as the recent $11.5 billion A380 Airbus purchase during the global financial crisis, Shaikh Mohammed said that opportunities arise out of crises. He remarked that Dubai Airport’s continued expansion, in addition to large growth in passenger numbers and tourism, prompt the national airline to invest in more airplanes to keep pace with developments.
Shaikh Mohammed concluded by revealing that Emirates Group will place a large order at the Farnborough Air Show in July.
