DUBAI (AFP) – The global economic crisis showed up the shortcomings which need to be addressed in the Emirati financial system, the governor of the Dubai International Financial Centre said on Monday.

“The UAE is introducing a wide-ranging programme to address regulatory and legal shortcomings in our financial system,” Ahmed al-Tayer said on the second day of a MENASA (Middle East, North Africa and South Asia) economic conference.

“It is critical that we urgently address the deeper risks and challenges that the (global) economic crisis has revealed,” he said.

Also at the forum in Dubai, Sheikh Ahmed bin Saeed al-Maktoum, chairman of Dubai’s Supreme Fiscal Council, said “a clear framework for the financial restructuring and reorganisation of companies … is being put in place.”

The United Arab Emirates government is to set up a debt management office for government-related entities at the federal level and a similar committee is planned for Dubai, he said.

Dubai rocked global financial markets in late November when it said it might be forced to freeze debt payments by its largest conglomerate, Dubai World, stoking fears of a state default over sovereign debt.

The conglomerate said last Thursday that it has “in principle” reached an agreement with most of its lenders, but the proposal still requires the approval of remaining creditors.