Sheikh Mohammed's speech in full



Thank you for inviting me to address such a distinguished gathering today. Before I commence, I would like to welcome you all to your second country, UAE and second home Dubai. I am not known as a man who wastes time. So I will get straight to the subject, which is - I am sure - of most interest to you: Dubai's economy. I will not waste your time in telling the details of the global financial crisis because you are the experts in this field. However, today I would like to share with you some of my thoughts related to the crisis which has an impact on the whole world from East to West and has become a universal economic concern of which the biggest economies in the world have been affected, not only emerging markets. As a result of its consequences, we have a new economic situation globally. Nevertheless, it has less impact on open economies compared with the closed and the protected ones or those with lesser links and interaction with the international market.

Thus, Dubai had to take necessary measures to deal with the consequences of the crunch of the global economy and shrinking of markets throughout the world. Dubai initiatives are not isolated from the serious and significant steps that the UAE has taken in this regard. As you know, Dubai is inseparable part of the UAE Federation. I will not narrate the steps we have taken to combat the crisis, as you are aware of them whether on the local or the federal level. Today, I prefer to speak about the important facts and fundamentals which I will summarize in a brief sentence. The global economic crisis despite of its short impacts on the local economy will not deter Dubai's ambitions of implementing its development plans and will not divert it from its leading position and will not distant it from playing its role in the arena of the international economy. It will not suppress the will and determination of its citizens in continuation the development march.

Though I agree with that words are easy to say but the real test would be the implementation, I have full confidence in our ability to act. The achievements that stand today in Dubai are the most effective testimony that our vision regarding is practical and we are saying words in vain or have a day light dream which can be translated into reality. We in the UAE, under the leadership of my brother, H.H. Sheikh Khalifa bin Zayed, the President of the UAE continue the march started by the late Sheikh Zayed bin Sultan and my father Sheikh Rashed bin Saeed, starting from the 70s of the past century. They both laid the corner stone of the UAE Federation which was the blessing birth of our nation. When my father took a decision to expand the creek and ordered the construction of the Dubai International Airport and directed the development of the Jebel Ali Port in a chain of ambitious and giant projects in Dubai, those who were around didn't hide their skepticism about the feasibility of such project at the time.

Dubai today is as being developed in the past and those are its sons who are known for their ambitious and visionary look for the future, to which they move in a steady steps with hard work being their motto and a great belief in the support of Almighty God, supported by self confidence and capabilities that is strong enough to tackle all the challenges that seem to others as an impossible mission. Today we are harvesting what has been planted by our fathers; we have a diverse economy which is not based only on foreign investment that we will come any way to host in Dubai. We are proud to have a group of national companies that spread internationally with a great international reputation like the emirates airline, Dubai World, Jumaira Group, in addition to other companies that are functioning as the true shields of our economy in Dubai. These achievements and others are the practical and real evidence through which we prove our ability to overcome the crisis of any nature and is our golden card to continue in exploring new horizons of growth and development.

We realized from the very beginning the importance of investments in establishing the foundation of our economy that enjoy the highest degree of credibility and reliability and cope with the latest achieved in the world in this regard. Our strategic choice has been always to start from the point that others have achieved with emphasis on developing a private model that guarantees our abilities to face challenges in a flexible and efficient way with man as our priority. Some may believe that Dubai could have acted faster in combating the impacts of the international financial crisis. However, we preferred to wait rather than rushing because we are keen to ensure strengthening our major enterprises and restructure it in a way that will have the momentum and the strength to cope with the realties in the new economy. This new economy has dictated on the great international economies slower growth rate, opening promising horizons for emerging markets like Inida and China which will play greater role in the future.

I am confident that the worst has passed, and that as the global economy stabilizes, Dubai today is well placed to exploit its inherent strength and its key strategic location to start new rounds in its march towards excellence; this race which has been witnessed by the whole world throughout the past 3 decades taken by our abilities of achievement and excellence. I have a big confidence in Dubai's ability to overcome the crisis not from vacuum, but based on true reality. I would like to share with you some of the characteristics of such realities which some of you might know but have forgotten when skeptical pre-judgments were made about Dubai capabilities to overcome the crisis which was forced on Dubai by international development that covered the whole world including Dubai. It is a chain of elements that gathered in Dubai to make it - whether people like or dislike - the right option for international investments and enabled Dubai to host businesses that are capable of expanding in new markets with more than 2 billion people in an emerging region that is full with opportunities which are not available and specially in developing markets that become mature and saturated. Here, I want to emphasize on important facts: the international economic crisis will not move Dubai from its distinguished location that placed in the heart of the world as a link between east and west. The infrastructure that is available in Dubai including air and sea lines with great efficiency that support our capabilities to penetrate to other markets in the region and enhance connectivity with other parties. Jebel Ali port is the 6th among the largest ports in the world and the largest in the Middle East. Dubai International Airport is the 6th among the largest ports in the world that provide services to 125 airlines that operate flight to 210 destinations in the world's 6 continents. When completed, Al Maktoum International Airport will be the largest in the world with a capacity of 160 million passengers and 12 million tons of good and freight to be handled through its because it will equipped to receive passengers and giant freight carriers. Upon the completion of the logistics of the infrastructure, we have emphasized upon developing legal framework and infrastructure that is meant to support our financial sectors which is one of the 4 major economic sectors in Dubai. The world has witnessed the success of Dubai as a comprehensive financial market that is located in the middle of the international market from New York and London in the west to Hong Kong and Tokyo in the East to act as a central link based on regulatory structures including Dubai Financial Center that earned the respect and appreciation of the international financial community in the world. We succeeded in Dubai in building a friendly environment for businesses that catered to the needs of investors through facilities including exemption from income and corporate taxes or through offering efficient technology infrastructure and real estate services in addition to vocational and professional facilities that cater to the needs of the investor and his/her family members. There are the Dubai Internet and Media City and Dubai studios in addition to the knowledge village and academic cities as well as the TCom and other quality projects that aimed at establishing platforms for knowledge economy on the land of Duabi which we are proud of with still more to come. I am not going to spell out all the details that make as confident and sure about Dubai capabilities to overcome this passing crisis, but I want to mention that those who believe that the remarkable success of our real estate development projects was the sole driver of our development. No one could deny the great leap in real estate projects in the in past few years, but it would be unfair to summarize Dubai's experience in those projects only regardless of their giant size, as Dubai success in its development story covers a wider range and more depth and varieties from a strategic point of view. In addition to the above, Dubai is not alone. It is inseparable part of the UAE and this sold and strong federation which holds each other as a great strong structure. So the success of Dubai is an extension of the success of Abu Dhabi and vice versa. It is also true for the rest of the seven emirates forming the federation. The success of the federation is the success of Sharjah, Ajman, UAQ, RAK and Fujairah which form an undefeatable union and a strong citadel that will not allow to fell in front of challenges. This union is the source of our strength and confidence. Dear Guests, My optimism in ending the crisis and confidence in Dubai's ability to restore its strong growth rate soon is based on ideological background and human heritage linked to my Bedouin roots which my nation and I are proud of. Bedouins are strong by nature with strong will in combating crisis. They only know determination to achieve the goal and walk towards that end. Those who know me closely trust my statements and my belief that the second part of bonds program initiated by Dubai early this year would be highly received by subscriber and would be directed to settle Dubai financial obligations in the coming years. Our development journey was and will be race towards excellence.. a race towards establishing Dubai as a leading business center and ensure its credibility as an unchallenged financial and trade capital in the Middle East. Ladies and gentlemen, in the past 20 years, Dubai enjoyed healthy growth rates. A lot of individuals and business have benefited from such growth, but the economic slow down offered us an opportunity to sit and consider the world around us. I believe such space was important to catch our breath and work on reinforcing our competitive capabilities to resume the race. We can deny that the international crisis has put us in a the middle of space of silence with great information vacuum that was a fertile space for rumors and propaganda. We should not allow this to happen again in the future as transparency and effective communication channels are basic elements in building mature and civilized nations. We should not forget that the economic shrink is in its way to disappear similar to other economic downturn that faced the world in the past year. I listened with a great attention during the past year to a number of business leaders in Dubai, Emirates, Asia, Europe and the US as well as executive directors representing different economic sectors including airline, hotels and investors. I was listening to them and to their ambitions with a great attention. Today, I ensure all of them from this stage that we will continue our investments in infrastructure in all sectors to serve our national interest and ensure the success of our partners and investors from all over world in all sectors. Dear Guest, Our celebration of inauguration of Dubai Metro was a practical testimony of our determination to strengthen Dubai as an international City having all pillars of excellence on the short and long run. * WAM

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

The specs

Engine: Dual 180kW and 300kW front and rear motors

Power: 480kW

Torque: 850Nm

Transmission: Single-speed automatic

Price: From Dh359,900 ($98,000)

On sale: Now

The smuggler

Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple. 
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.

Khouli conviction

Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.

For sale

A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.

- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico

- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000

- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950

MATCH INFO

What: Brazil v South Korea
When: Tonight, 5.30pm
Where: Mohamed bin Zayed Stadium, Abu Dhabi
Tickets: www.ticketmaster.ae

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
The specs

Engine: 6.2-litre V8

Transmission: ten-speed

Power: 420bhp

Torque: 624Nm

Price: Dh325,125

On sale: Now

Profile of Hala Insurance

Date Started: September 2018

Founders: Walid and Karim Dib

Based: Abu Dhabi

Employees: Nine

Amount raised: $1.2 million

Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers

 

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
Spain drain

CONVICTED

Lionel Messi Found guilty in 2016 of of using companies in Belize, Britain, Switzerland and Uruguay to avoid paying €4.1m in taxes on income earned from image rights. Sentenced to 21 months in jail and fined more than €2m. But prison sentence has since been replaced by another fine of €252,000.

Javier Mascherano Accepted one-year suspended sentence in January 2016 for tax fraud after found guilty of failing to pay €1.5m in taxes for 2011 and 2012. Unlike Messi he avoided trial by admitting to tax evasion.

Angel di Maria Argentina and Paris Saint-Germain star Angel di Maria was fined and given a 16-month prison sentence for tax fraud during his time at Real Madrid. But he is unlikely to go to prison as is normal in Spain for first offences for non-violent crimes carrying sentence of less than two years.

 

SUSPECTED

Cristiano Ronaldo Real Madrid's star striker, accused of evading €14.7m in taxes, appears in court on Monday. Portuguese star faces four charges of fraud through offshore companies.

Jose Mourinho Manchester United manager accused of evading €3.3m in tax in 2011 and 2012, during time in charge at Real Madrid. But Gestifute, which represents him, says he has already settled matter with Spanish tax authorities.

Samuel Eto'o In November 2016, Spanish prosecutors sought jail sentence of 10 years and fines totalling €18m for Cameroonian, accused of failing to pay €3.9m in taxes during time at Barcelona from 2004 to 2009.

Radamel Falcao Colombian striker Falcao suspected of failing to correctly declare €7.4m of income earned from image rights between 2012 and 2013 while at Atletico Madrid. He has since paid €8.2m to Spanish tax authorities, a sum that includes interest on the original amount.

Jorge Mendes Portuguese super-agent put under official investigation last month by Spanish court investigating alleged tax evasion by Falcao, a client of his. He defended himself, telling closed-door hearing he "never" advised players in tax matters.

In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

The rules on fostering in the UAE

A foster couple or family must:

  • be Muslim, Emirati and be residing in the UAE
  • not be younger than 25 years old
  • not have been convicted of offences or crimes involving moral turpitude
  • be free of infectious diseases or psychological and mental disorders
  • have the ability to support its members and the foster child financially
  • undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
  • A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.