The global financial crisis has not hampered Dubai's ambitions, its ruler said on Monday, adding the Gulf emirate had passed the worst of the economic downturn.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said he had full confidence in the Dubai's ability to act in the global market. "The worst is over and Dubai is now well-placed," he said in a speech to investors. "The global economic crisis, despite its impact, will not deter Dubai's ambitions."

Dubai's economy has been hit hard as the global credit crunch and a steep decline in crude prices ended a six-year boom in the region and sent the emirate's property sector into decline.

Sheikh Mohammed added that real estate was not the only driver of Dubai's economy.