( CNN ) -- The worst is over and Dubai is looking for new opportunities for growth , according to Dubai 's ruler , Sheikh Mohammed . In an exclusive interview with CNN , Sheikh Mohammed Bin Rashid Al Maktoum said that he views the global recession as a challenge and that companies there are restructuring in response . `` I do n't call it a recession , I call it challenge , '' said Sheikh Mohammed , who is also prime minister of the United Arab Emirates . `` The companies are restructuring because it 's a new world . You have to stop and restructure . '' Dubai is home to the region 's largest airport , largest airline and largest trade port . In the past two decades , the tiny Emirate has created a name for itself in finance , tourism and logistics . But , the past six months have included a whole different set of challenges . During this period , Dubai has been carrying out an across the board restructuring of Dubai World and many brands under Dubai Holding , the investment vehicle in which Sheikh Mohammed holds majority stakes . It has restructured $ 23.5 billion worth of Dubai World 's debt and is now dealing with the debt of other companies . At the same time , Dubai 's carrier , Emirates Airlines recently placed a colossal $ 11.5 billion plane order after passenger growth of 21 percent and profits of nearly a billion dollars last year .
Sneak out of CNN 's exclusive interview with the Sheikh of Dubai . Sheikh Mohammed on CNN Dubai Tonight . He said : ` ` The companies are restructuring because it 's a new world ''