Tuesday 10 November 2009

Dubai ruler seeks to combat critics

Dubai’s ruler on Monday sought to dispel concerns about the emirate’s economy, assuring investors that there would be strong support for an intended $10bn bond programme.

During a speech to investors, Sheikh Mohammed bin Rashid Al Maktoum turned from Arabic to English to deliver a strong reassertion of national unity, saying: “To the people who nag about Dubai and Abu Dhabi, shut up!”

The recession has hit Dubai hard, as its real estate bubble has burst amid a ballooning $80bn debt pile. In February the emirate was forced to take a $10bn soft loan from the central bank, which is bankrolled by oil-rich capital, in the first tranche of its $20bn bond programme.

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