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Clearing the web around Dubai
Affirming that the Dubai bubble has not burst, officials in the city accuse the media of wrongly equating Dubai World’s debts to the government.
December 1, 2009 2:36 by Aarti Nagraj
“Dubai has rather an issue of unfair competition by some circles which seek to undermine the successful emirates and to unseat it as a global centre for finance and business and a magnet for foreign investments that thrived and succeeded in Dubai,” Tamim added.
He also said that Dubai World’s decision to delay its debt was blown out of proportion.
“I noticed that Gulf and foreign media, as well as a large segment of general public, confuse between debts of Dubai government, which are almost non-existent, and the debts of local companies. This confusion should be corrected and the public should be made aware that to separate between the two types of debts,” he added.
Abdul Rahman Al Saleh, the director general of the Dubai Finance Department has also said that the response by world markets was “exaggerated” and that the media has wrongly reported Dubai World as part of the government and its debt as sovereign.
“(Dubai World) is a company set up with commercial basis and its transactions with creditors and investors were based on that respect,” he told reporters at a press conference in Dubai. “The gross mistake of the media is that they deem the company as part of the government. It is baseless,” he added.
“Creditors should bear part of (the) responsibility as they offered loans as per feasibility of (the) projects and not upon the guarantees offered by the government,” he said.
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