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Dubai: The UAE and the Gulf region are affected by the current global financial crisis, Sultan Bin Saeed Al Mansouri, Minister of Economy, told the media on Tuesday.
"People in general think that the current economic crisis is catastrophic in nature, but in reality, it is a huge opportunity for us in the UAE to look realistically at our growth strategies," he told the media.
"We are approaching it in a very effective way, we have already taken action in order to make sure that the UAE economy will continue to grow in the same way as before," he said.
The leadership has clearly understood the importance of the current global economic turmoil, the President, the Prime Minister and the government as a whole in coordination with the local government are taking effective measures to make sure things move normal in the UAE economy, he said.
"Next year will be a testing year for the UAE and rest of the world. We are coordinating with government departments and local government to arrive at an action plan to meet to the situation," he said.
"A cabinet decision was made earlier to form a committee to oversee and coordinate actions taken to manage the situation.
"The committee, including Obaid Humaid Al Tayer, Minister of State for Financial Affairs, myself and the Governor of the Central Bank is assessing the situation on a day-to-day basis ... we can't pre-judge and thus we are monitoring and acting accordingly."
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