Deputy Ruler of Dubai and President of the Dubai International Financial Centre (DIFC), Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum gave a warm welcome to Chairman of UBS Kaspar Villiger.

Both the leaders met to talk about the global economic and financial situation. They also discussed the outlook of analysts for global financial situation and the actions taken by various governments to overcome the recession and enhance economic growth.

Villger declared that he believes that the economy of UAE has a promising potential. He also declared that there were new prospects for the economic development in the UAE.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation Authority and CEO of Emirates Group, Mohammed Ibrahim Al Shaibani, Director of Dubai Ruler's Court, and Ahmed Humaid Al Tayer, Governor of the DIFC, were also present at the meeting.

It was also estimated that the supply of housing facilities in Dubai by the 2011 would be 360,000. This would lead to a plausible oversupply of 150,000 residential units.

This revelation is in keeping with an earlier research by UBS that evinced that prices of houses in Dubai would drop by 30 % and nearly 150,000 homes would be left unoccupied by the end of 2011.