The president of the United Arab Emirates has moved to try to reassure the shaken nerves of investors.
Sheikh Khalifa bin Zayed al-Nahayan issued a statement saying the UAE economy was in good condition.
He also praised Dubai’s leader, saying he managed daily “achievements”. The Sheikh’s comments come after almost a week of market turmoil. It was sparked when Dubai World, Dubai’s highest-profile company, said it would reschedule part of its debts. The UAE president said the Gulf region would not slip due to what he called the global financial crisis.
Sheikh Khalifa paid tribue to the ruler of Dubai – who is also his UAE vice president, prime minister and defence minister – saying Sheikh Mohammed bin Rashid al-Maktoum and his cabinet “face every morning challenges, but plan and remove all obstacles to score achievements”.
