The following is a translation of a speech given by UAE Vice President, Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum at the opening of the inaugural Summit on Global Agenda in Dubai.
Ladies and gentlemen,
Thank you all for attending, and welcome to Dubai.
I would like to take this opportunity to congratulate the American people on the election of the new President, Barack Obama and his administration this week. This election comes as a symbol of hope during the present economic crisis, of which the American nation is the most affected. I hope the new administration takes the time to reconsider its foreign policy in current war-zones.
To the new administration, I would like to say that crises are not solved by wars, weapons or a show of power. This is evident in current crises, such as the Israeli/Palestinian conflict, the Iraq war, Darfur, Somalia and even Afghanistan, that are still raging and circumstances there are deteriorating.
Military spending in these hotspots could have aided underprivileged citizens and assisted those in need. Had this in fact been the case, and had brain power been utilised, the world would not be in the situation it finds itself in today.
Today we are in a unique place.
The United Arab Emirates is the country of the future. We come together to build this future and make history happen. I assure you these efforts will not stall and will continue on with full speed. We have proven to the world how capable we are in turning risks into opportunities.
The present situation is a result of misguided policies and not of difficult times. In the west, especially the USA, the policy of unsecured mortgages or loans is a good example of this. In the case at hand, this resulted in damage to banking and financial institutions,the reason behind the turmoil in the first place.
When it comes to reality, things are different.
A few of my friends were wondering about what is happening in the stock markets, where share prices were dropping. I told them it did not matter since these share prices have risen from their original starting point. Technically we are still ahead. Unfortunately, people tend to be pessimistic and focus on their losses and forget their gains.
Investors should always keep in mind that in trading, you may win or you may lose. These are the risks one should be prepared to undertake.
It surprises me that many experts did not see this crisis coming. I take this opportunity to remind you of my speech in China last year and at Al Khaleej University in Bahrain, where I mentioned that things would change soon. I noted then that the economic powers would shift from the shores of the Atlantic, the USA and Western Europe. The fluctuation in the world markets, global inflation and the rise in oil prices were indicators that this was inevitable.
Everything has its advantages and disadvantages. This crisis has proved that the economy is truly global and whatever happens in the USA or China will ultimately affect all global markets. It has also proven the importance of government intervention and assistance in some cases, such as the current situation where circumstances were prevented from becoming a great deal worse, and governments showed that they looked after the interests of their citizens.
Economists and experts should cease their preaching, which can alienate governments. We do not aim to control, but rather to strengthen public-private partnerships for overall economic prosperity.
The strict financial regulations in the GCC have minimised the impact of the crisis on their economies.
We live in a global village. Global economies are one interconnected, which is the reason the UAE was able to react swiftly to the current situation. Led by UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan, we took quick measures to face this crisis by injecting liquidity into the UAE's banking system to preempt any potential problems, strengthen the financial systems capabilities and ensure industry is unaffected by global market forces.
Despite the negativity of the current situation, we can learn a positive lesson from it. People are decision makers and they can write their own destiny. We should never forget that the economy and global stability go hand in hand in building the future.
I wish you happy times in Dubai and may the peace and blessings of Allah be upon you.
