KARL MOORE: This is Karl Moore of the Desautels Faculty of Management at McGill University, talking management for The Globe and Mail. Today, I am speaking to Dr. Henry Azzam, who is the CEO forDeutsche Bank
in the Middle East and North Africa. We are here in Dubai at the Dubai [International] Financial Centre. Good afternoon.
HENRY AZZAM: Good afternoon.
KM: The world has been absolutely agog with Dubai over the last few months. When is Dubai going to turn around? Is it going to come around in the next few years?
HA: Dubai is like those other countries where you have a sovereign debtissue ; they have a sizable debt outstanding that they need to work out. They have started the process of restructuring their debt, estimated at around $22-billion [U.S.], in the next few years. The process has started. I would imagine that they should come to an agreement with their banks in the coming few weeks. Once that is settled, then it becomes easier for Dubai to tap the market again, especially if they do get a government guarantee for the new loans and/or if Abu Dhabi gives them more support.
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