Vision remains unchanged: Sheikh Mohammed

Dubai is recovering following Dubai World’s restructuring agreement and the emirate’s vision remains unchanged, said His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE and Ruler of Dubai.

In a television interview, Sheikh Mohammed said: “We are back. Of course we are back. This is a challenge. Life would be boring if there’s no challenge.”

Dubai’s vision is unchanged after projects such as Meydan’s racecourse and Burj Khalifa, the world’s tallest building developed by Emaar Properties, were completed on schedule, Sheikh Mohammed said. “All the projects that were there are going ahead,” although some may be delayed for six months to a year, he said.

Sheikh Mohammed said this in an interview with Bloomberg Television’s InBusiness With Margaret Brennan at the FEI World Equestrian Games in Lexington, Kentucky.

“Life goes on,” said Sheikh Mohammed, who was taking part in a 12-hour, 160-kilometer endurance race.

“When I talk, I talk about Dubai, but we have to talk about the whole UAE as a country. We do things in Abu Dhabi, we do things in Dubai, we do things in Sharjah. But the completion will be great,” Bloomberg quoted Sheikh Mohammed as saying in the television interview.

Dubai World said earlier this month that around 99 per cent of creditors had agreed to alter the terms on $24.9 billion of debt. Dubai’s benchmark stock index has gained 7.8 per cent since the Dubai World announcement.

Nakheel, developer of palm-tree shaped islands of Dubai’s coast, also said last week it will complete its debt- restructuring by the end of this year and that it has resumed construction work in its Al Furjan project with Al Shafar Transport and Contracting Co.

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