UAE 'will continue incredible success story'

The United Arab Emirates (UAE) will continue its "incredible success story" despite worldwide economic pessimism, according to a top business official.

Khalaf Al Habtoor, chairman of Al Habtoor Group, told Gulf News that the country's "solid economic foundation" would stand it in good stead to weather the crisis, with reserves available if necessary to prevent a meltdown such as those seen in the US and the UK.

He blamed the current downturn in the region's stock markets on foreign investors who had "taken flight" as the credit squeeze took hold on their own countries, creating "unnecessary panic" amongst locals.

Confirming his faith in the UAE real estate market, Mr Al Habtoor also advised that the recent price slowdown could benefit those looking to buy property in the region.

"The clever investor will spot unprecedented opportunities," he declared.

This comes after Sultan Bin Saeed Al Mansouri, minister of economy for the UAE, told Gulf News that the country was taking "very effective measures" to help maintain its economic growth.