Dubai, 27th Nov. 2008 -- The wide-ranging interview that President His Highness Shaikh Khalifa Bin Zayed Al Nahyan did with the leading Egyptian daily, Al Ahram, on Tuesday clears the air and charts the future course of action for the country in challenging times ahead, a UAE daily newspaper said.

''This is the strongest message of hope from the highest authority in the land to the people of the UAE and the world at large. And the message is: The UAE economy is in safe hands and that the country is well placed and well prepared to deal with the effects of turbulence that have rocked the world economy. This is leadership at its best,'' wrote Khaleej Times in daily comment.

''Shaikh Khalifa rarely grants such long media interviews. Which is why this one granted to Al Ahram, the Middle East's oldest and widely read Arabic daily, is special. Its timing and the concerns the President sought to address make the conversation all the important,''the Dubai-based paper remarked.

''Since the current, unprecedented financial crisis hit the world markets trouncing some of the biggest banking giants and financial institutions, the latest victim being the Citibank, the UAE authorities and captains of the economy have repeatedly assured the investors and ordinary people that there's no reason to panic.

''However, since the UAE is part of the world economy -- and an important one at that -- it was perhaps only natural that some of the panic and nervousness of global markets hit the UAE markets as well.

''Which is why the decisive actions and message by the UAE leadership, first by His Highness Shaikh Mohammed Bin Rashid Al Maktoum, the Vice-President and Prime Minister, and now by the President himself are aimed at sending the message that they are monitoring the situation and all steps are being taken to protect the economy from the mayhem in world markets,''it indicated.

''The setting up of a high-level federal committee comprising the ministries of economy and finance and the Central Bank to deal with the challenges ahead is one of these crucial steps.

''Shaikh Khalifa has rightly argued that the current drop in oil prices is unlikely to affect the UAE economy pointing out that volatility in the oil market is not a new phenomenon. The country and other oil producing countries have successfully dealt with such challenges in the past.

''Even now, the UAE is working with other Opec members to control the negative fallout from low oil prices. The President also drew attention to the fact that in anticipation of challenges ahead, the UAE is diversifying its economy and investing its oil revenues in developing human resources and infrastructure.

''These are doubtless challenging times. Even the strongest of global economic players haven't escaped the disastrous effects of the current crisis. But the UAE has managed to keep its head above water thanks to the farsighted and pragmatic policies and decisions of its leadership. In fact, the world -- especially the Western economies -- is looking to the UAE and other Gulf states to bail it out of this gargantuan crisis.

''So there's no cause for alarm or concern as far as the UAE investors and the economy driving the real estate boom are concerned. In fact, they may be better off than those in the US, Europe and Asia. We will tide over this crisis. And learn from it too, the haleej Times concluded. (WAM/TF)