Mohammed's vision led to Dubai's economic resurgence

At a panel discussion about the renaissance journey of tourism in the Emirate of Dubai attended by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence, His Highness's vision for Dubai's economic philosophy was reviewed, as was his experience in the 1990s when he established the principle of government flexibility and direct support for traders.

- Mohamed Yaseen, Staff Reporter

The discussion was moderated by Raed Barqawi, Executive Editor-in-Chief of Al Khaleej newspaper. The discussion also featured Mohammed Al Abbar, founder of Emaar Properties, and Abdulaziz Al Ghurair, chairman of the Dubai Chamber of Commerce and Industry. A select group of economic leaders also attended.

Raed Barqawi emphasised that the secret to Dubai's success lies in its forward-looking leadership with a long-term strategic vision and its economic philosophy based on freedom and openness, which provides the necessary protection to achieve balance.

He said that what Dubai has achieved in just a few decades sets an example for governments around the world looking to create a vibrant investment environment and establish their cities as prime destinations for capital and innovation.

Raed Barqawi recalled a meeting he had with His Highness Sheikh Mohammed Bin Rashid twenty years ago. At the time, some traders viewed the Burj Al Arab project as government competition because it was Dubai's largest government-led hotel development. They feared that they would not be able to compete with the government sector.