Dubai, which is restructuring debt at its state-owned holding companies, may sell shares in some of its large businesses, said the chairman of the Dubai Supreme Fiscal Committee.
“We are working on opening up the capital of leading companies to our public,” Sheikh Ahmed bin Saeed Al Maktoum told a conference in Dubai today. The emirate may now need to “regroup, review and reconsider some of our investments and re- challenge our competitive edge,” he said. The committee is the top body responsible for Dubai’s fiscal policy.
Dubai and its state-controlled companies are struggling to service debt that Barclays Capital estimated in September at about $112 billion. The second-largest sheikhdom in the United Arab Emirates accumulated the loans during years of rapid growth in its property industry and other businesses.
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