UAE Vice President and Prime Minister and Ruler of Dubai, HH Sheikh Mohammed bin Rashid Al Maktoum, believes the worst of the financial crisis is now over, following its ‘significant’ impact on the economy during the final quarter of 2008. Taking part in an electronic question and answer session with the press, he said the UAE economy is expected to grow this year, albeit only slightly.

Sheikh Mohammed said that the economy is in better shape than in many countries, so the ‘contraction it [the small and medium business sector] has suffered is only temporary.’