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Sunday, 9 October 2011

gulfnews : Dubai sees boost in business confidence

In late September, I visited Dubai as part of efforts to keep track of economic developments in the UAE. The visit provided me an opportunity to appreciate numerous signs all pointing out to steady economic progress in the emirate less than two years since the revelation of Dubai's debt. The global business community was shocked by the situation when it was uncovered in late 2009.

In reality, plenty of recently emerging evidence confirms the position of Dubai as an exceptional business hub within the Gulf Cooperation Council (GCC). Simultaneously, the facts substantiate Dubai's ability in overcoming challenges, no matter how difficult they may initially look like.

For instance, in September, Dubai Metro started operation of the Green Line of this pioneering project. The development means that all but two of the 47 stations are operational. In retrospect, the 29-station Red Line was opened for the general public in September 2009 not long before the revelation of Dubai's debt problem. Yet, much to its credit, Dubai succeeded in completing the project despite all odds.