DUBAI , United Arab Emirates ( CNN ) -- Dubai has grown rapidly from a small trading hub into a thriving city , and one of the key players in this transformation is a company called Tatweer -- which in Arabic means `` to develop . '' Executive Chairman , Saeed al Muntafiq has been there from the start and played a huge part in the expansion and diversification of the tiny Emirate . Inflation is not the biggest threat to growth in Dubai , says Saeed al Muntafiq . Al Muntafiq talks to MME 's John Defterios about the changes he has witnessed , and what he sees for the Emirate 's future . Defterios kicks off by asking Al Muntafiq if he thinks Dubai 's rapid growth has created an economic bubble and whether inflation is the biggest threat to growth . ( SM ) : I would n't say it 's the biggest threat . I would say there are many challenges that we face and have faced in the past , and will continue to face . And one of which is inflation , and we have programs to sustain it , and insure that it contributes to development . The other is the attraction of talent . Ensuring that we understand how the world works , and how we can integrate Dubai in this system is another challenge . ( JD ) : Are you interested in moderating growth here because of the potential bubble ? ( SM ) : I 've personally heard of these reports from many , many organizations over the last five to seven years . In order to understand them , I think one needs to break down the statement and this asset real estate bubble that is referred to . We need to look at the industry . And the industry for us is broken down into three to four different folds , ranging from residential , all the way to hotels , and hospitality assets . Now , if these were standing on their own , I think there would be merit to the hypothesis . But they are not , because in Dubai they are all clustered around strategies . So , personally speaking , I do n't believe there is a fear of that bubble , because it 's managed around certain variables , certain clusters , and we keep our eyes on it . ( JD ) : What do you accept as a reasonable inflation rate with growth running at 10 or 11 percent for the last six years ? What is acceptable from the Tatweer perspective ? ( SM ) : Anything between four and five percent is acceptable . ( JD ) : And you 're running at nine right now . So do you need to bring it down ? ( SM ) : Well , it depends which figures you look at , and which industries you examine . And our industries , as I said , are predominately driven by the clusters that we are mandated to develop and grow , and those range from hospitality , all the way to entertainment and leisure . I think , as far as inflation is concerned , we need to go skin deep , because there is a whole basket of products that contribute to that item . It is not just real estate - the price of milk is one item in a basket that contributes to the information number . ( JD ) : There are strains throughout the region right now related to food security . Does that concern you ? ( SM ) : These are challenges and fears we have faced , and have overcome over the last 50 years . We 've been doing this for the last 20 to 22 years . I 'm not saying we have answers for everything . That would not be prudent . I 'm saying we are a proactive government . We are a government that recognizes its faults as in when they happen . But we are not egotistic and unable to say 'okay , let 's find a solution . ' ( JD ) : You are one of the key players here , and you have a number for projects that you 've noted under management right now . I understand you threw away a lot of the feasibility studies that were handed to you . You did n't think they were grand enough . Is that true ? That you just said look - this is just way to conservative for my tastes right now ? ( SM ) : That was n't me . That was my boss I 'm afraid . ( JD ) : You 're referring to Sheikh Mohammed ? ( SM ) : Yes . His Highness . At least with two of the clusters that we drive , which are healthcare and entertainment , specifically in Dubailand . Rest assured all have feasibility studies . My job as a manager is to ensure that all of those yield an acceptable return to the stakeholder . E-mail to a friend .
John Defterios sits down with Saeed Al Muntafiq , Tatweer 's Executive Chairman . The company is playing a key role in Dubai 's lightning fast growth . Al Muntafiq talks about whether the growth has created an economic bubble . He gives his opinions on the Emirate 's future and the threat of inflation .