Dubai, September 05: His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-president and Prime Minister of the UAE and Ruler of Dubai, said the current economic slowdown was a ‘passing cloud’ and called for renewed dynamism and a positive outlook fom the business community to create conditions for recovery.
He stressed the need for closer cooperation between the private sector and government, and said the UAE economy was resilient to weather the harsh economic conditions, Wam reports.
Speaking to business leaders at the Zabeel Palace on Thursday evening, he said: ‘‘Both public and private sectors must shun the will of imposing the status quo policy and adhere to the will of change for the better. Public-private sector partnership is crucial to reach this goal.’’
He affirmed that the global financial crisis ‘‘is a passing cloud that will not stay longer despite pessimistic speculation and analyses by economists and financial experts’’.
The delegation of top business leaders from leading national and multi-national companies shared the Vice-President’s optimism and were upbeat on growth.
According to Wam, they considered the current situation as nothing more than a “storm in a cup’’ and that business would return to normal.
Lauding the sound, swift measures taken by the leadership and the government of the UAE to beat the slowdown and usher in business vibrancy, they said financial and banking institutions were flashing signs of recovery.
The leaders also assured Shaikh Mohammed of the strong financial positions of their companies.
–Agencies