The former CEO of Dubai International Finance Centre (DIFC) Authority has said he believes more state intervention is required to ensure Dubai’s recovery from the global financial crisis.
Nasser Alshaali, now CEO of UAE-based boat and yacht maker Gulf Craft, said the fallout from the downturn caught Dubai by surprise and that further policy changes were needed to bolster the emirate’s path out of the crisis.
“Dubai was definitely hit very, very badly. You talk to the businessmen and they’re all shocked. In the fall of 2008 and the spring of 2009, there was an air of desperation. We thought we were immune,” he told Arabian Business in an interview.
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