News | Wednesday, 02 December 2009

Dubai ruler blames media, investors for ‘misreading’ DW crisis

Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum has yesterday attacked the media for its coverage of the crisis and investors for misreading an announcement by Dubai World, a state-owned company with debts of US$59bn. In his first public comments since the debt crisis erupted last week Dubai’s ruler slammed international investors that “they do not understand anything” as he replied to questions on the fallout of Dubai World’s request for a standstill on its debts. Sheikh Al Maktoum also attacked the media for its coverage of Dubai World’s part in his country’s financial crisis. “This company is independent of the government. This exaggerated media uproar will not affect our determination,” he told reporters in Dubai on yesterday, while adding that “it is only natural that we should oppose this campaign and this huge media uproar.”
Earlier, in a statement published on the state news agency website Sheikh Khalifa bin Zayed Al Nahyan, the ruler of neighbouring emirate Abu Dhabi and President of the United Arab Emirates, who was also making his first public statement, described the UAE economy as being in “good” condition. Sheikh Khalifa said the UAE was strong enough to negotiate “the current difficult circumstances of the international economy” and that most sectors of the UAE economy had begun to show growth in the fourth quarter of the year.

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