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Supreme Fiscal Committee Says there is no Liquidity Issue for Dubai

Dubai : 08 April 2010

Following the bail-out of Dubai World and its subsidiary Real Estate Investment Company Nakheel there has been much speculation that the huge amount of investment agreed by Dubai will place the liquidity of the region in future jeopardy however this view is not  supported by Dubai’s Supreme Fiscal Committee.

A new statement has denied all such rumors and maintains that the regions share of the Dubai World rescue plan does not place it in a position where it will not have sufficient cash reserves to help other state-linked firms that may also require some assistance. The statement further elaborated by saying there is money available from other sources such as the Investment Corporation of Dubai. It was also re-iterated that they country has exceptionally large dividends at its disposal and a lack of liquidity was simply not an issue for concern.

Shaibani who is the Vice-Chairman of the emirate’s Supreme Fiscal Committee which constantly reviews debt and spending policies and who is also head of Dubai’s Ruler’s Court which is the body that is responsible for the co-ordination of government departments and he is also the Chief Executive Officer OF ICD (the government’s investment department), says that they have issued a bond for $20 billion and that there are all kinds of resources from which this finance can easily be obtained. He also said the debt was just a temporary problem for Dubai which poses no threat to its liquidity.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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