Dubai gov't denies living in 'state of denial' - official

A senior Dubai government official has hit back at media claims the emirate is living in a “state of denial” over the economic impact of the global crisis, during a panel discussion at the World Economic Forum in Jordan on Sunday.

Nasser Al Sheikh, director general of Dubai’s Department of Finance, admitted to delegates the crisis had been the first real challenge for the UAE.

However, the country was now going through a mode of “stabilisation” – rather than recovery - and liquidity remained an issue of concern for some of the emirate’s key firms, delegates heard.