Dubai can fund rescue plan, says al-Shaibani
Government is able to pay its $3.8 billion contribution to the Dubai World rescue plan, says vice chairman of the emirate's Supreme Fiscal Committee.
April 7, 2010 5:17 by kippreport
The Dubai government will be able to stump up its $3.8 billion contribution to the Dubai World rescue plan, according to Mohammed al-Shaibani, vice chairman of the emirate’s Supreme Fiscal Committee.
“We have money available, from companies like ICD (Investment Corporation of Dubai), quite big government dividends, so this is not an issue,” al-Shaibani told Reuters.
The government is also in a position to help other state-linked firms that may be facing “small issues”, he said.
Dubai recently unveiled a $9.5 billion rescue plan for troubled conglomerate Dubai World, of which $3.8 billion will be from “internal government resources”. The remainder comes from a previous loan from Abu Dhabi.