Dubai Forms Finance Team For New Strategy

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Debt-laden Dubai Sunday took its latest step to reorganize its economy by creating a new team of policymakers to develop a fresh financial plan for the sheikdom.

Known as the Dubai Government Finance Team, the organization will develop a new medium-term financial strategy for Dubai up to 2014 after its overweight real estate industry exposed its previous plan during global downturn.

According to a government statement Sunday, the team will be led by Jamal Hamed Al-Marri, director of central accounts at the Department of Finance and include representatives from the Department of Finance, Dubai Police, Dubai Municipality, the Roads and Transport Authority, Dubai Customs, Dubai Health Authority and Dubai Airports Authority.

"This step comes as part of a series of financial reforms aimed at enhancing efficiency of government spending, both capital and operational, and bolstering the rules that form the basis of Dubai's fiscal policy," the Dubai government statement said.END