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.
No comments:
Post a Comment