Too many things happened too fast, Al Ghurair says

"The speed of growth in Dubai was a problem. Too many things were happening too fast, and the 15 per cent growth was seen as good. But in the future we should look for more sustainable growth," said Abdul Aziz Al Ghurair, Speaker of the Federal National Council.

"When things speed up again, we should slow them down so that we are able to digest them better," he said, while taking part in a CNBC debate on the state of capitalism in the Middle East, held at the World Economic Forum at the Dead Sea.

Al Ghurair saw no need to rush the single Gulf currency into existence. "We should take our time to get to the Gulf currency. Even if it takes five to 10 years, that will still be alright. It is important that the politics, the economy and the people are all ready for the change."