Dubai: "Big goals will remain our objectives"

Sheikh al Maktoum

Despite Dubai's debt crisis threatening to plunge the emirate into financial chaos, ruler Sheikh Mohammed bin Rashid Al Maktoum has said, on the 38th National Day of UAE, that ambition would remain key to the UAE's plans and "big goals will remain our objectives".

In an address to the nation, Sheikh al Maktoum said, "We will receive tomorrow a new federal year rallying around our leadership, becoming more certain of its vision and approach, more unified, integrated and dignified of our union and more proud of our country, more confident of ourselves, more experienced of our world, more capable to face challenges and overcome difficulties and more faithful about that there is no distant goal that we can't reach and sublime position that we can't conquer."

"Ambitions will remain the ally of our plans, big goals will remain our objectives, nobility of our nation and welfare of the citizens will remain the compass that guides us and orientates our work," he added.

Despite the world press saying the opposite, Sheikh al Maktoum said the UAE economy had "become stronger and more cohesive" and in spite of the impact of the global crisis, "the wheel of progress and achievement in our country did not stop turning".

Dubai's achievements

Highlighting the achievements that Dubai has gained over the past few months, Sheikh al Maktoum cited the completion of the first phase of the Dubai Metro system as part of Dubai's attempt to "reach to the first place in the world with our infrastructure, facilities and services and to the best known practices in the world with the excellence in government performance."

In regards to the debt crisis, he said that the global reaction to the emirate's debt restructuring showed a lack of understanding. "We are strong and persistent," Sheikh Mohammed told reporters, according to Reuters. "They do not understand anything."

"It is the fruit-bearing tree that becomes the target of (stone) throwers," he added.

It was announced earlier today that Dubai World Group have confirmed its debt restructuring process, related to a total debt of $26 billion, and would apply only to Dubai World, Nakheel and Limitless.

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