Dubai continues to prosper in the face of global market turbulence

Given a boost

In the face of global market turbulence Dubai continues to do well, and in a move to further increase confidence in the economy Sheikh Mohammed bin Rashid Al Maktoum, the Ruler of Dubai, has ordered the transfer of Dh70 billion (£12bn) to the Ministry of Finance.

The aim is to generate greater liquidity in the country’s financial sector, and the news has been well received by banks and financial institutions, particularly as many development projects rely on the availability of funds.

Abdullah Al Hamli, CEO of Dubai Islamic Bank, said in a statement: “The wise leadership of the UAE continues to take the necessary measures to provide the required guarantees to support the banking and financial sector in the UAE.”

Officials and analysts agree that Dubai will be able to ride out the economic downturn of international financial markets.

Prime Minister Gordon Brown took a whistle stop tour of the UAE

From Downing Street to Dubai

Prime Minister Gordon Brown is a busy man, but he still found time to take a whistle stop tour of the UAE. The PM was accompanied by Lord Mandelson, secretary of state for business, and Ed Miliband, secretary of state for energy and climate change.

And joining this political super-group was a selection of the crème de la crème of senior CEOS representing leading British companies and universities.

British ambassador to the UAE Edward Oakden commented that the recent visit was aimed at relationship building. “For over 200 years, Britain has had an association with this country and this region, of which we are tremendously proud.”

On trade with the UAE, the ambassador said it increased by 40 per cent in the first half of this year, compared with the same period last year.

Update: Emirates flights at Terminal 3

As of 21 October flights to America, the Middle East and Africa are now departing from Terminal 3 at Dubai International Airport.

Flights to Europe will be next to depart from this terminal – so watch this space for more news or visit www.emirates.ae.

Case Study

The DTCM UK and Ireland’s commerce department has been holding a series of business seminars throughout the country to help small business entering into the Dubai market.

One recent seminar was held in partnership with the Liverpool Chamber of Commerce on 3 October. The turnout was one of the largest seen by the chamber and during lunch delegates were treated to live music from Robin Huw Bowen, a professional Welsh Tripple Harpist.

All the companies involved expressed their satisfaction in what was deemed a particularly worthwhile event. Many have also been encouraged to attend the trade mission to Dubai this month, which will be the fourth visit the Chamber has organised, engineered to coincide with the BIG5 Construction exhibition.