Dubai has recovered from downturn: Ruler
Dubai, March 10, 2011
Dubai, which faced a crippling debt crisis that erupted openly in 2009, has recovered from the economic downturn, its ruler Sheikh Mohammed bin Rashid Al Maktoum said.
Sheikh Mohammed, whose remarks were posted on his official website on Wednesday, also said that while many government agencies performed well during the financial crisis, others failed to meet expectations.
"We are not in the process of holding departments accountable, what's done is done," said Sheikh Mohammed in a statement on his website.
Dubai is struggling to emerge from the debt crisis caused after its flagship conglomerate Dubai World said it would seek a $26 billion debt standstill.
The emirate needed a last-minute $10 billion bailout from neighbour Abu Dhabi and has been busy restructuring key state-linked firms' debts.
Sheikh Mohammed said the crisis required a financial regulatory system to oversee government departments but will not curb future development.
"We must look forward and find ways to work freely without hindrance," he said.