Dubai moves to calm investors after finance chief switch

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A top Dubai official moved to assure investors that the emirate, hard hit by the financial crisis, was committed to meeting its financial obligations, one day after Dubai's ruler dismissed his finance chief.

The surprise dismissal of Nasser al-Shaikh as the emirate's finance head triggered questions among some investors as Dubai and its constellation of government-controlled companies effort to restructure and meet looming debt needs.

"The government is firmly committed to sustainable fiscal policies and to adopt actions that are appropriate for the current circumstances taking into account the scope of the global crisis, meeting Dubai's financial obligations and future development requirements," said Mohammed al-Shaibani, aide to Dubai's ruler, in a statement issued late on Tuesday.