Dubai took an unprecedented step towards openness yesterday with its first quarterly update on the local economy and restructurings at some of its biggest business groups. In attendance were Sheikh Ahmed bin Saeed Al Maktoum, the chairman of Emirates Airline and president of the Dubai Department of Civil Aviation; Ahmed Humaid al Tayer, the governor of the Dubai International Financial Centre; Mohammed al Shaibani, the director general of the Dubai Ruler's Court; and other top government officials. Sheikh Mohammed bin Rashid, the Vice President of the UAE and Ruler of Dubai, also attended.
Officials plan to repeat the exercise every three months, increasing transparency after complaints from analysts and other observers that the Government was not sufficiently forthcoming about debt restructurings and the state of the local economy. 'We continue to work towards improving the level of disclosure and transparency,' Sheikh Ahmed said. 'We are holding open dialogue forums like this one.'
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