'Dubai will continue to be a free economy'
Despite the big debate about the strengthening of government regulations the world over, Dubai will continue to be a free economy, according to a top government official.
Speaking to Emirates Business, Dr Omar bin Sulaiman, Governor of the Dubai International Financial Centre (DIFC), said: "More regulations will tighten business. We have the right regulations; we can improve them but we don't need more of it."
There would be no extra controls put in place in the wake of the current economic crisis. "Dubai is a free market and you cannot interfere as a government, but from a strategic point of view we need to look at certain sectors and see where the government needs to intervene in the future to help shape strategy, too," he said.
"Government monitoring from a strategy point of view is right so that end-users are protected," said Sulaiman.
Taking the case of real estate, he said: "Rera is a good example here, which is why the situation is not that bad in the real estate sector; it could have been worse had Rera not existed before the crises. Luckily, it was formulated before this and it had the accounts that can support the end-user," he said.
Sulaiman also said signs of economic pressure are easing now. "Banks are back to lending, which is a good sign now. About 25 per cent of the banks are lending again. If you look at the figures of the Land Department, transactions have increased. The government has also increased its budget to boost recovery and several measures have been taken to help the economy." There are opportunities even during crisis, said Sulaiman. "Dubai has become more competitive as a result of a drop in prices and the infrastructure of the city is also ready."
He brushed aside any claims of the huge number of people leaving after the summer. "I've been hearing that many people will leave after summer, but let me tell you that Indian schools have increased their intake of students this year by two per cent. And if there is an increase in the Indian community by two per cent, I'm happy and not worried about the others," he said, while speaking at an event organised by the Indian business and professional council held yesterday.
Speaking to Emirates Business, Dr Omar bin Sulaiman, Governor of the Dubai International Financial Centre (DIFC), said: "More regulations will tighten business. We have the right regulations; we can improve them but we don't need more of it."
There would be no extra controls put in place in the wake of the current economic crisis. "Dubai is a free market and you cannot interfere as a government, but from a strategic point of view we need to look at certain sectors and see where the government needs to intervene in the future to help shape strategy, too," he said.
"Government monitoring from a strategy point of view is right so that end-users are protected," said Sulaiman.
Taking the case of real estate, he said: "Rera is a good example here, which is why the situation is not that bad in the real estate sector; it could have been worse had Rera not existed before the crises. Luckily, it was formulated before this and it had the accounts that can support the end-user," he said.
Sulaiman also said signs of economic pressure are easing now. "Banks are back to lending, which is a good sign now. About 25 per cent of the banks are lending again. If you look at the figures of the Land Department, transactions have increased. The government has also increased its budget to boost recovery and several measures have been taken to help the economy." There are opportunities even during crisis, said Sulaiman. "Dubai has become more competitive as a result of a drop in prices and the infrastructure of the city is also ready."
He brushed aside any claims of the huge number of people leaving after the summer. "I've been hearing that many people will leave after summer, but let me tell you that Indian schools have increased their intake of students this year by two per cent. And if there is an increase in the Indian community by two per cent, I'm happy and not worried about the others," he said, while speaking at an event organised by the Indian business and professional council held yesterday.
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