The Emir of Abu Dhabi gives a hint..?
Mar 15th 2009, 8:06 pm
#1
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The Emir of Abu Dhabi gives a hint..?
In case anyone is interested in a few words from the Emir of Abu Dhabi who also is the President of UAE..
Q - The current international financial crisis have raised a lot of questions and rumours especially on its fall out on the Emirate of Dubai and the past and present role of Abu Dhabi in this regards.
What is kind of bond between the UAE people? Is it true that Abu Dhabi is seeking to acquire many companies owned by the government of Dubai?
A - We are monitoring reports on this issue and I think there were misunderstanding and exaggeration in assessing the impact of the crisis on us. There were also misinterpretations of the relationship that binds member emirates of the UAE Federation. We are members in one entity and parts in one strong, coherent body.
As for the measures taken on the federal level or by each individual emirate to address the crisis, they were declared and clear-crystal and there were no need to unleash predictions in this respect.
You might have followed the measures adopted for merging some companies as part of a restructuring process to boost their capacities to address impact of the financial crisis. I would like to confirm here that any sound economic measure should maintain high standard of transparency and this is exactly what we are doing in handling the current financial crisis and in our efforts to assist our public and private firms to weather the storm
Q: Of late, we have seen the federal government stepping in to strengthen local banks and companies' financial position. What are your directions on this, and what kind of reassurance do you want give?
A:The government is committed to provide the economic environment where the private sector can play a vital role in the development process. Therefore, it is natural that the government will rise to assist the national private sector when needed to enable it play its role as a key driver for development.
This approach is not new. It has always been an integral part of the government's mandate since the inception of the federal state, when the government, through its contribution in financial institutions and public shareholding companies, participated in developing capabilities of the private sector, enabled it to carry out mega projects, to increase its competitive levels within the region and to even join international investments.
This shows that the support given by federal and local authorities to some banks and companies is not a new development. It could be new in terms of size and time, but these are related more to the expansion witnessed in the operations of national banks and companies and to the nature of the global financial crisis.
I we run this thru my brain it says..."Abu Dhabi confirm that they will support Dubai if necessary" and it tells me that key sectors will be boosted by capital injections of some kind.
Q - The current international financial crisis have raised a lot of questions and rumours especially on its fall out on the Emirate of Dubai and the past and present role of Abu Dhabi in this regards.
What is kind of bond between the UAE people? Is it true that Abu Dhabi is seeking to acquire many companies owned by the government of Dubai?
A - We are monitoring reports on this issue and I think there were misunderstanding and exaggeration in assessing the impact of the crisis on us. There were also misinterpretations of the relationship that binds member emirates of the UAE Federation. We are members in one entity and parts in one strong, coherent body.
As for the measures taken on the federal level or by each individual emirate to address the crisis, they were declared and clear-crystal and there were no need to unleash predictions in this respect.
You might have followed the measures adopted for merging some companies as part of a restructuring process to boost their capacities to address impact of the financial crisis. I would like to confirm here that any sound economic measure should maintain high standard of transparency and this is exactly what we are doing in handling the current financial crisis and in our efforts to assist our public and private firms to weather the storm
Q: Of late, we have seen the federal government stepping in to strengthen local banks and companies' financial position. What are your directions on this, and what kind of reassurance do you want give?
A:The government is committed to provide the economic environment where the private sector can play a vital role in the development process. Therefore, it is natural that the government will rise to assist the national private sector when needed to enable it play its role as a key driver for development.
This approach is not new. It has always been an integral part of the government's mandate since the inception of the federal state, when the government, through its contribution in financial institutions and public shareholding companies, participated in developing capabilities of the private sector, enabled it to carry out mega projects, to increase its competitive levels within the region and to even join international investments.
This shows that the support given by federal and local authorities to some banks and companies is not a new development. It could be new in terms of size and time, but these are related more to the expansion witnessed in the operations of national banks and companies and to the nature of the global financial crisis.
I we run this thru my brain it says..."Abu Dhabi confirm that they will support Dubai if necessary" and it tells me that key sectors will be boosted by capital injections of some kind.
Mar 16th 2009, 3:54 am
#2
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Re: The Emir of Abu Dhabi gives a hint..?
I'd be very surprised if Sheikh Khalifa said this - maybe from his office, but not his mouth.
Mar 16th 2009, 7:33 pm
#3
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Re: The Emir of Abu Dhabi gives a hint..?
But seriously, it being released in his name means that it´s official..regardless of author meaning that someones neck is on the line.
