UAE will not be affected by the global slowdown as much as the industrial countries: Al Habtoor

"We still have companies growing at rates of between 45% and 60% and the overall economy has a growth rate in excess of 6.5%, so business is still progressing."

he said.

"However, growth in certain sectors may have been exaggerated in recent years. This disease that is infecting the economies of the rest of the world will slow our pace, but business will continue."

Al Habtoor said he did not think any private companies were going public at the moment, and he asserted it was better for larger private companies to remain private and wait until market conditions had improved.

"The stock market has been constantly going down without any reason: many of our local companies are producing great results and fantastic dividends, yet they continue to see their share prices go down," he said.

"This is purely psychological and it is very difficult to cure this issue."

Al Habtoor said he did not think the GCC common market had impacted intra-GCC trade, because each state acts as if it was on its own.

He added:

"There is no real coordination between GCC countries and I would prefer it if we could find a common economic strategy and even some political views - then we would have more weight on the international stage than we currently do."

"The establishment of a common regional currency, identity and even government would be fantastic."

The interview with Al Habtoor will be carried in The Report: Dubai 2009, which will be available in print form and online, and will be part of the range of OBG publications.

The Report: Dubai 2009 will offer a comprehensive and detailed assessment of Dubai's opportunities for growth, the economic challenges which lay ahead and the overall attractiveness of the emirate for investors.

It will offer a complex guide to the many facets of Dubai, including its macroeconomics, infrastructure, political landscape, banking and sectoral developments, and is considered the most comprehensive intelligence review produced on the emirate.