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The UAE economy is fine and Du
bai is seeking new avenues to further fuel its growth, according to His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
"The recession is a global phenomenon and I do not think that we in Dubai fear it, but instead we consider it a challenge," Sheikh Mohammed said in an intervie w with CNN that airs next week.
On the issues relating the to restructuring of Dubai World's debt, he added: "The companies are restructuring because it's a new world. You have to stop and restructure."
Sheikh Mohammed added in the interview: "Without challenges, life would be boring. Dubai and Abu Dhabi and the rest of the Emirates are fine."
Last month, The UAE's economy minister predicted growth of to up to 3.2 percent this year and added that he saw no further major restructuring of Dubai debt being needed.
Dubai-based Emirates Airlines recently placed a massive $11.5 billion plane order after passenger growth of 21 per cent and profits of nearly $1 billion last year.
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