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Regional businessmen rally behind Dubai Inc
A number of business heads insist that the emirate will manage its debt crisis efficiently...
November 30, 2009 11:30 by kippreport
A number of business heads insist that the emirate will manage its debt crisis efficiently, and that Dubai “will not default” on its loans, Reuters reports.
Riad Kamal, CEO of Arabtec, said: “Dubai should be given time to restructure its debt. I’m not going to lose sleep over this issue.” Meanwhile Khalaf Al Habtoor, chairman of Al Habtoor Group, said: “I am very relaxed. Dubai has never defaulted and it will not default. I am confident the government will meet its commitments and help the companies.”
Global markets fell last week when the emirate requested a standstill on debt repayments.
“Dubai World intends to ask all providers of financing to Dubai World and Nakheel to ‘standstill’ and extend maturities until at least 30 May 2010,” a government statement said.
The statement was made before the Eid al-Adha holidays, leaving investors with little information about the emirate’s restructuring plans.