Week in review: UAE dismisses negative speculation

'To quote Mark Twain: 'The reports of our death have been greatly exaggerated',' said Omar Hijazi, CEO of Dubai-based e-commerce network Tejari when asked what he thought of reports of Dubai's possible collapse.

Hijazi points the financial support put into place by the UAE government, and highlights the initiatives currently being unrolled to stem the effects of the wider financial crisis, including the rolling out of $20bn worth of bonds by the Dubai, a move that has been mirrored by the announcement that Abu Dhabi is to issue two tranches of bonds, maturing over five and ten years, with pricing expected for the middle of next week.

Despite the city's 'trial by media', behind the scenes the Dubai government is also continuing to look at initiatives to help the emirate's economic recovery, with a special focus on the city's employment market in the light of the expected fall in the numbers of expatriate workers. These include revising the pillar of the emirate's 2015 economic plan, although Dr Raed Safadi, Chief Economist at the Department of Economic Development, insists that Dubai will still see real GDP growth of 2.5% in 2009.

Abu Dhabi has continued to plough ahead with its spending plans. The emirate this week unveiled its Surface Transport Masterplan, which is scheduled for completion by 2030.

The project, which - although prospective figures have not been released by the government - analysts have said will cost an estimate of over $20bn, will be multi-modal and include linked in metro, tram, train and ferry systems. These will be phased in four five-year batches to gradually cover all of the city's projected Plan 2030 districts and outlying projects.

Abu Dhabi has also dismissed reports that the venue for the season finale 2009 Grand Prix, which is to be held on Yas Island for the first time, will not be ready on schedule, pointing out that tickets went on sale on Monday as planned. In order to boost public support for the project, former Middle East rally champion Mohammed bin Sulayem has encouraged all of the city's residents to be a part of the November event, after the country has waited so long to be able to host the race.