ABU DHABI, Dec. 1 (Xinhua) -- United Arab Emirates (UAE) Vice President Sheikh Mohammed bin Rashid al-Maktoum said Tuesday that ambition would remain key to the country's plans despite the impact of the global financial crisis, official media reported.

    "Ambitions will remain the ally of our plans, big goals will remain our objectives, nobility of our nation and welfare of the citizens will remain the compass that guides us and orientates our work," Sheikh Mohammed, who is also prime minister of the UAE and ruler of Dubai, was quoted by WAM news agency as saying.

    Addressing the nation on the eve of the 38th National Day, he said the UAE would become "more capable to face challenges and overcome difficulties and more faithful about that there is no distant goal that we can't reach and sublime position that we can't conquer."

    The UAE economy had "become stronger and more cohesive" and in spite of the impact of the global financial crisis, "the wheel of progress and achievement in our country did not stop turning," Sheikh Mohammed said.

    "We are determined to achieve the great renaissance in all areas, to get to the highest levels in education, to reach to the first place in the world with our infrastructure, facilities and services and to the best known practices in the world with the excellence in government performance," he added.

    The government of Dubai, a member of the oil-rich federation UAE, announced last Wednesday that it would ask creditors of Dubai World, one of its largest and most important conglomerates, to agree to a debt moratorium of at least six months as a first step towards restructuring.

    The announcement, described by ratings agency Standard and Poor's as a default, provided the focus for world financial markets and media since last Thursday, hitting bank stocks worldwide and arousing concerns for another wave of financial crisis.

    But UAE officials and media have criticized markets and global media over the past few days for overreacting to Dubai World's restructuring plan and "mixing up" the corporation with the government.