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UAE 'first to recover from crisis'

Abu Dhabi, April 22, 2009

The worst had passed for the UAE and the country was now in the recovery phase even as the rest of the world was reeling under the economic crisis, said the country's deputy prime minister.

“We are the first country to recover from this crisis,” said Sheikh Hamdan bin Zayed Al Nahyan, while speaking to reporters at the conclusion of an extensive tour on the final day of the Cityscape Abu Dhabi exhibition on Wednesday.

“Anyone can come and see here at Cityscape that we have a boom in the UAE in both the private and public sector,” the Deputy PM added.

He lauded the Cityscape being held at the Abu Dhabi National Exhibition Centre as an example of the success and continuing economic strength of the UAE.

On federal support for institutions in the UAE that had been hit hard by the crisis, Sheikh Hamdan said support had already been forthcoming and would be continued.

However, he emphasised: “We are going to support those institutions that were affected by the meltdown but not those that were reckless in the beginning.”

Sheikh Hamdan was accompanied on his tour by Sheikh Nahyan bin Mubarak Al Nahyan, UAE minister for higher education and scientific research.

Together with other senior government officials they visited several stands and later Sheikh Hamdan praised the quality of real estate projects on display.

He said the continued growth and stability of the real estate sector in Abu Dhabi and the UAE, reflected the wise policies of the country’s leadership. The government would continue to support current and future private and public real estate projects, he added.

Cityscape Abu Dhabi organisers, IIR Middle East, forecast that total visitor numbers this year – though down on last year at  the height of a speculative property boom - would exceed 27,000 by the end of the day.

“We have been delighted by the support which Cityscape Abu Dhabi has received from Abu Dhabi, the federal government, the real estate industry and the public,” said Rohan Marwaha, managing director of Cityscape.

“Not unexpectedly, this year’s event has differed substantially from the frenetic atmosphere of 2008 but has acted as a far more accurate barometer of the future real estate growth and investment potential.

“Now, as we look ahead to Cityscape Asia (Singapore 19-21 May) and Cityscape Saudi Arabia (Jeddah 14-16 June) as well as all other events in the Cityscape portfolio, it is clear that Abu Dhabi has set a significant benchmark for 2009,” he added.-TradeArabia News Service




Tags: UAE | Cityscape | Crisis | Sheikh Hamdan | recover | worst over |

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