Reactions on Shaikh Mohammed's online initiative

The move to address concerns via an online statement by H. H. Shaikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, continues to be frontpage news.

Today, English-language Khaleej Times observes that "Mohammed's Online Initiative [is] welcomed", saying that it "has in fact created the intended transparency and led to the optimism that drives Dubai".

Gulf News today similarly sees positive effects: "Stocks Rally as speculation about health of economy is put to rest".

Business leaders in the UAE are quick to welcome the initiative, too - Abdullah Al Hamli, Chief Executive of the Dubai Islamic Bank, said: "Shaikh Mohammed has demonstrated again the spirit of openness and transparency that have for so long characterised the leadership of this great city."

Ali Ebrahim, managing director of Emcredit (the first government-backed credit information services company here), commented: "The statements were crucial to dispel any potential concerns about the impact of the global financial crisis on the city".

For more about how some business leaders feel about this and the economy, see this Gulf News article.

Looking at the scene from the outside, I'm not sure what the words of even one of the most respected of leaders may change about something as profound as the current crisis in a material way. But it seems the move is a public relations success in the best sense, at least on the national level, as it may really help to give people confidence. I think everybody, understandably, wants to believe there is an end to the crisis some time in the not too distant future, look forward in a positive way and move on. So I think it means a lot to people that Shaikh Mohammed has addressed these concerns with an overall positive message.

In the financial markets, a lot is about psychology. Maybe psychology helps us get out of the crisis again.