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The United Arab Emirates, on its own or through the GCC, the Arab League and the specialized international institutions, plays an integral role on this front. The capitalist system did not fail. What has failed is the excessive economic liberalism, which pushed to minimize the intervention of the regulatory government institutions in the markets and banks’ activities.

Certainly the world is witnessing the birth of a new economic and financial order. The results of the G20 summit are a prelude toward this end. However, consensus on the format and the content of this new global economic system would not be reached soon. Different factors determine the future of this system, including growing global competition and conflicting national economic interests. No party would easily give up its position and gains for the benefit of the global economy recovery.

As for the suggestion on the Islamic banking, it is of interest to the global banking sector. However, to be a substitute to the current economic systems, even if only temporarily, is a much more complex approach, which relates to the nature of economic systems, the size of the economies of nations, and the size of Islamic banks in the banking sector worldwide. As you are aware, there are a lot of factors that govern this, such as the distribution of the economic, military, scientific and social powers in the world, as well as the competitive nature of civilizations, and the strong links between the civilizations and religions.
By Thabet Amin Awad of Al Ahram Egyptian newspaper

There are many other positive aspects of the global financial crisis which were embodied in refining the current competencies, reviewing the need for expatriate expertise, and strengthening the bonds of the federal entities that supported the UAE. In your opinion, what are the lessons learned from this crisis both on the local and federal level?

There are many lessons to be learned from the crisis, the most important one being the assertion of the state’s role in regulating and monitoring the overall economy and markets, and confirming the fact of the global economy’s unity, in addition to the unification of the global market. The widening scope of the crisis, which includes all parts of the world, confirms this unity and the common international pursuit. In addition, President Obama’s public statement, which verifies that the United States cannot overcome the global crisis on its own, is further confirmation of the unity of the economy and the market. Other lessons learned from the=2 0crisis is realizing the urgent need to develop the regulations, terms of reference and working mechanisms of international financial institutions to be commensurate with the unified markets and economies, and the involvement of many influential players.

In the United Arab Emirates, we perform a wide range of reviews through specialized federal and local committees which are well aware that within the challenges of the crisis, remain many opportunities. The first opportunity to be seized is to benefit from the lessons learned from the crisis, and be prepared to deal efficiently with the world after the crisis; a world completely different than what it was before. As for the forces of federal entities, the fact is that the strength of these entities is what enabled them to cope with the crisis and contain its negative effects.
By Thabet Amin Awad of Al Ahram Egyptian newspaper

You have said that "our vision is clear, our goals are obvious, our strengths are great, our will is strong and we are ready. We want Dubai to be a global center of excellence, creativity and leadership, and we are able to achieve excellence, creativity and leadership." Do you still stand by your vision? If yes, how so?

Yes, we still stand by it. Plans, programs and projects may alter, but the vision does not change. We want the UAE and Dubai to be a global center of excellence, innovation and leadership, and we are indeed on the

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