Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister of the UAE and ruler of Dubai, has said that the emirate will continue to push ahead with mega projects and achieve its global ambitions in all arenas.
In 2008, Dubai’s real estate market was severely affected by the global economic meltdown. As a result, property prices slumped by around 60 percent and several projects were postponed due to uncertain circumstances. Since then, the emirate has recovered well from its debt crisis through restructuring and rebound of demand. However, some analysts doubt the sustainability of Dubai’s economy and think that the real estate bubble may burst sooner or later.
Yet, the emirate’s ruler believes that the only way to win is to accept taking risks. Speaking at a government summit, he remarked that, “we have to carry on… life is full of challenges. Risk will not disrupt our plans. If we do not accept risk, we will not accomplish. We must embrace positivity, determination and the will to achieve”. He urged all citizens to contribute towards the development of UAE and help the country achieve its ambitious goals.
The Government Summit, largest of its kind in the Arab world is being held to gather some of the world’s leading experts to promote innovation and knowledge in the region. The forum is also being used to share the government’s progress in achieving its UAE Vision 2021 goals. Around 2500 participants from Denmark, Canada, Australia, South Korea and Brazil, as well as the Middle East, are taking part in the gathering.
In recent months, some of major projects launched in UAE include Mohammed Bin Rashid City, a complex comprising of 100 hotels, the world’s biggest shopping mall and a Universal Studios theme park. Dubai authorities are of the view that the region offers sufficient liquidity to fund such grand projects. The emirate offers a conducive investment environment and also had the resources to finance these projects itself.