Dubai economic news |
JANUARY 2010 |
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With all eyes on Dubai, economic transparency is more important than ever. In December last year, HH Sheikh Ahmad Bin Saeed Al Maktoum, chairman of the Dubai Supreme Fiscal Committee (DSFC), and Mohammed Al Shaibani, CEO of Investment Corporation of Dubai and Deputy Chairman of the DSFC, met with senior economic and political leaders in London, New York and Washington. Dubai’s commitment to transparency was reinforced as developments regarding the Dubai World debt standstill were comprehensively explained.
The move reinforces the fact that Dubai is upholding its position as a global financial hub and maintaining the investor confidence the emirate has built up over the past decades.
Speaking of December’s meetings, Sheikh Ahmad said: “We want to reassure investors, financial and trade creditors, employees, and citizens that our government will act at all times in accordance with market principles and internationally accepted business practices.”
Ending the year on a positive note he went on to stress that Dubai is, and will continue to be, a strong and vibrant global financial centre, claiming: “Our best days are yet to come.”
More info: Investment Corporation of Dubai
Dubai World has held talks with its creditors to reach an agreement over its request to restructure £13.7bn in debt. Representatives of at least 90 creditors took part in the Dubai meeting and the taskforce’s first aim was to coordinate a committee to represent the creditors. The committee is likely to include four British banks – HSBC, Lloyds, RBS and Standard Chartered. Meanwhile regional lenders are led by Abu Dhabi Commercial Bank and Dubai’s Emirates NBD bank.
Dubai World is represented by its chief restructuring officer, Aidan Birkett, of Deloitte global accounting firm, who was recently hired by the Dubai government to oversee the revamping of the group. The meeting was the first in ongoing negotiations which are working positively towards a restructuring
More info: Dubai World | Deloitte
