The ruler of Dubai said on Sunday the government may still have to intervene to offer financial support to some economic sectors in the troubled Gulf emirate, but he believes that “the worst is over and behind us”.
The acknowledgement by Sheikh Mohammed bin Rashid al-Maktoum of the impact of the financial crisis is a shift from his previous statements that the emirate has been unaffected by the global financial crisis.
Sheikh Mohammed, answering questions in his capacity as the prime minister of the United Arab Emirates, said the economy would face slower growth this year. But he insisted that the government's action to support domestic banks and its stimulus packages had helped the economy “shift...from the crisis mode to the solution”.
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