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Dubai In Recovery Mode, Not Crisis Mode: DIFC Head,
by Lorys Charalambous, Tax-News.com, Cyprus
Tuesday, April 28, 2009
The government's stimulus programme has helped the emirate economy grow
by an estimated 1% in the first quarter of 2009, said Dr Omar Bin Sulaiman,
Governor of the DIFC and Vice Chairman of UAE Central Bank. In comments to the
British Business Group Forum in Dubai on Tuesday, he also said that the psychological
impact of the global financial crisis had become as much of an issue as the
financial impact.
“This is very much an issue of confidence, both globally and locally.
That’s why one of the most important aspects of the Dubai government bond
issue has been to increase confidence in the economy,” Sulaiman said.
“Dubai has quickly moved into recovery mode as the economy shows signs
that it is improving. We estimate Dubai’s economy to have grown by 1%
in the first quarter, fuelled by the government stimulus package and the increase
in expenditures.”
The Dubai Government’s 2009 budget saw an increase in public sector
spending by 42% to AED37.7bn (USD10.26bn).
“Just as the Dubai success story has become a case study, I am confident
that the Dubai rebound story will become a case study as well,” the Governor
said, adding: “The most important result of the crisis has been an increase
in efficiency within government and government-related companies.”
He noted that confidence is starting to come back to the real-estate sector
in Dubai: “Many international investors and funds from the region have
expressed their interest in investing again in the Dubai real estate sector,”
he stated.
“As for the Dubai International Financial Centre, it has not been significantly
impacted by the crisis,” Dr Omar Bin Sulaiman said, noting that the number
of applications received in January 2009 was higher than the number in same
month a year ago. He also cited the March 2009 edition of the City of London
Global Financial Centres Index, which found that Dubai continues to top the
list of centres most likely to become more significant over the next several
years.
"Nonetheless, we have responded by rigorously reviewing our strategy to
maintain our pre-eminent position.”
As part of that review, he said the DIFC and the Dubai Financial Services
Authority (DFSA), the sole regulator at the DIFC, will look to forge greater
links and cooperation with other regulators and centres regionally and globally,
as well as to adapt quickly to the new global financial architecture.
“The DIFC also will aggressively encourage and nurture innovation across
its sectors of focus, particularly in the areas of Islamic finance, family offices,
captives and private equity. As part of this effort, the DIFC is looking at
the overall cost of companies doing business at the centre, to see how it can
help them reduce costs associated with creating new products, in terms of DIFC
fees for registration of products such as funds and captives.”
Highlighting the importance of government and business cooperation, including
with the UK business community, he encouraged business participation in addressing
all issues affecting the economy and increased communication between the Dubai
government and businesses to address any issues that arise.
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