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satisfaction and optimism around the world, and reflected positively on all the nations including the UAE,
which has always had a strong, multi-potential and diverse economy.
Al Hayat Newspaper - Shafiq Al Asadi

The Federal Government has taken swift action to deal with the crisis, but many
observers say that these actions are not sufficient to help the UAE, and Dubai in
particular, to be free of the crisis?

The actions that we took at the Federal Government were really fast, well thought-out to respond to the issues
and to overcome the negative effects of the global crisis. Having said that, our economy has shifted from the
crisis mode to the solution. Of course, we are monitoring and following up our situation and the development of
all the economic sectors through federal and local specialized committees, just as we follow developments in
the global economy and international markets. We thank God; most of the indicators seem positive now and
call for optimism. However, should we face future developments further actions, then we won’t sit back.
Al Hayat Newspaper - Shafiq Al Asadi

When Du bai launched the $20 billion bonds and the UAE Central Bank subscribed in it
with $10 billion, it was interpreted as help from Abu Dhabi to Dubai to get out of the
crisis. How do you evaluate this action by the UAE Central Bank, and what about the
second tranche of the bonds, which would another $10 billion?

When Dubai launched the $20 billion bonds and the UAE Central Bank subscribed in it with $10 billion, it was
interpreted as help from Abu Dhabi to Dubai to get out of the crisis. How do you evaluate this action by the
UAE Central Bank, and what about the second tranche of the bonds, which would another $10 billion?It seems
that people are not aware of the life realities in the United Arab Emirates. Well, I welcome this interpretation
because it emphasizes the depth of ties among the Emirates and ensures the strength of our Central Bank and its
confidence in Dubai’s economy.

We have announced bonds totaling $20 billion, raised half of it as a public offering, then the Central Bank
subscribed to the full amount; we will pay an annual interest rate of 4 percent annually on the five-year
coupons. What we put forward, meets our needs at this stage. Should we need the second part – that is, $10
billion -- we will then announce it to the public; we know that it will be of interest to many.
Al Hayat Newspaper - Shafiq Al Asadi

There are talks that Dubai would be selling few20state owned companies and that Abu
Dhabi will be its partner in many projects in place or under implementation. What is the
truth in this?

These rumors and speculations turned into news and headlines in several prominent international newspapers.
Rest assured that between Abu Dhabi and Dubai, there is no buying and selling. Everything in Dubai belongs to
Abu Dhabi and Dubai and the rest of the UAE, and all that is in Abu Dhabi belongs to Dubai and Abu Dhabi,
and the rest of the UAE. Let me remind you about what The President, His Highness Sheikh Khalifa bin Zayed
Al Nahyan, said last month about this matter. He said that the impact of the current global financial crisis on the
national economy of the United Arab Emirates has been misunderstood and exaggerated. He said that the
relationship between members of the UAE Federation has been misrepresented.

“We are … one strong, coherent body. As for the measures taken (at) the federal or local level, to address the

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