Bloomberg News

Sheikh Ahmed Says Satisfied With Dubai’s Core Business, Outlook

October 03, 2011

Oct. 3 (Bloomberg) -- Sheikh Ahmed bin Saeed Al Maktoum, the head of the Dubai Supreme Fiscal Committee, said the government is satisfied with the composition of the emirate’s economy and urged companies to press ahead with restructuring plans.

“I am very happy with the core business of Dubai,” which includes trade and tourism, said Sheikh Ahmed, who is also chairman of Emirates NBD PJSC and the uncle of Dubai’s ruler.

“There are some companies that must continue to work on their restructuring,” Sheikh Ahmed said.

Dubai, the second-biggest of the seven sheikhdoms that make up the U.A.E., had to seek help from neighboring Abu Dhabi after the global credit crisis pushed property prices down by more than half from their peak in 2008, and frozen credit markets forced some state-owned companies to delay loan payments. Dubai World signed a final agreement with its bank creditors in March to restructure $25 billion of debt.

“Sometimes we are not very much directly affected by what’s happening in the U.S. and Europe, but I’m sure that some of the banks that are here might have certain issues,” he said. He didn’t specify which lenders he was referring to.

He said that Dubai’s new oil field, named Al Jalila, will begin production this year.

To contact the reporter on this story: Anthony DiPaola in Dubai at adipaola@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net


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