The UAE President Khalifa bin Zayed al-Nahyan has said that economy of the United Arab Emirates was strong including Dubai despite the global recession.

Previously known as the Trucial States, the United Arab Emirates was formed in 1971 comprising of  seven emirates: Abu Dhabi, Ajman, Dubai, Fujairah, Ras Al Khaimah, Sharjah and Umm Al Qaiwain. The president of the United Arab Emirates is Khalifa bin  Zayed Bin Al Nahayan, who was elected president after the death of his father Sheikh Zayed bin Sultan Al Nahyan in November 2004. The UAE residents have a high standard of living and level of education, and the country is investing a great deal in transforming the desert into a green and pleasant land.

While addressing at the opening of UAE consultative assembly, the Federal National Council, Sheikh Khalifa bin Zayed al-Nahyan said:

Despite its negative effects, the global economic crisis has demonstrated the strength of our economy. Our economy is complementary, headed by the federation … which organizes all aspects of our lives and which takes on all the challenges we face.

Earlier this year when speculation mounted that the Emirate of Abu Dhabi sought to lay hands on several ailing companies in Dubai, the UAE president intervened to assert that the two emirates needed cooperation to face the financial crisis.

Dubai announced in February this year a plan to issue treasury bonds worth twenty billion dollars. The UAE central bank subscribed half of the treasury bonds.