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Emirates finance chief: Dubai can resolve new woes - ASHARQ AL-AWSAT English Archive
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DUBAI, United Arab Emirates (AP) – The finance minister of the United Arab Emirates is predicting Dubai will ride out its latest debt troubles without a bailout or major restructuring.

Sultan bin Saeed al-Mansoori says he believes Dubai International Capital, or DIC, will not need federal aid.

Such aid was required after another Dubai investment engine, Dubai World, shook financial markets last year when it couldn’t meet debt payments.

DIC said Thursday it is seeking a three-month extension on repaying some creditors. DIC is part of a holding company owned by Dubai’s ruler.

Al-Mansoori said Saturday that the country expects 2.5 percent growth this year. That compares with 1.3 percent last year as the global economic crisis ended Dubai’s boom years.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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