It has appeared that President, His Highness Shaikh Khalifa bin Zayed Al Nahyan, has been placed among the 50 Most Powerful Men in the World by the American magazine Newsweek.

The skills of Shaikh Khalifa in dealing with crises from an early age were praised by magazine in its latest edition. He also lent support to UAE during the tough times of slowdown.

The skillful handling of Shaikh Khalifa the financial crisis that hit the emirate of Abu Dhabi in 1979, due to high-interest loans given to nationals to finance new houses and businesses, were also elaborated by Newsweek. A committee was created by Shaikh Khalifa that looked over the citizens' debts and, in less than a year, slashed interest rates on their loans from 20 per cent to less than 2 per cent.

Later on, the committee was converted into "a loan-giving entity, directly and effectively contributing to uplifting the quality of life of the UAE citizens to very high levels matching those in the West and rich nations."

Via this move, extensive urban development was promoted, thus enhancing the popularity of the young crown prince.

The magazine specified that Shaikh Khalifa launched reforms and women's empowerment process after taking over as the President in 2004. These steps led to the appointment of four women as ministers, gave women 30 per cent of senior government positions, and increased the number of businesswomen to more than 2,400.

Saqr Ghobash Saeed Ghobash, Minister of Labour and Chairman of the National Media Council said: "The international choice was made after the entire world saw how the UAE respects the rights of workers, and how they have been provided with unique laws and best work conditions."

"The choice is the culmination to the directives of the President on the need to work in the interest of UAE citizen, society and the international society," concluded Dr Hadif bin Joaan Al Dhahiri, Minister of Justice.