Dubai forms team to develop financial plans

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Dubai's government has set up a team to draw up the emirate's financial plans for the 2011-2014 period, improve spending efficiency and develop new revenue structures, the government said in a statement on Sunday.

Dubai unveiled a $9.5 billion rescue plan for debt-laden government conglomerate Dubai World last month. The plan requires the Gulf Arab emirate raise $3.8 billion from "internal government resources".

The team, which will operate under the supervision of the Dubai Department of Finance, is to provide recommendations on developing a new structure for revenues, discuss and comment on quarterly reports and invite support from third-parties when required to achieve financial goals, the statement said.