Dubai sets up committee to tackle crisis

CRISIS MANAGEMENT: Dubai has set up a committee to tackle the impact of the financial crisis on the emirate. (Getty Images)

Dubai has set up a committee to recommend ways to tackle the impact of the global financial crisis on the emirate's economy, including real estate and banks, a government finance official said on Wednesday.

"The purpose of the committee is to assess the impact of the global financial crisis on Dubai and what can be done in sectors including real estate and banking," said Nasser Al-Shaikh, director-general of the Dubai Department of Finance.

"It will make recommendations to the ruler on the way forward for critical areas that have to be tackled to withstand future challenges," Al-Shaikh told newswire Reuters.

The committee is headed by Mohamed Alabbar, chairman of Emaar Properties, he said.

Al-Shaikh also said the UAE was placing a second tranche of 25 billion-dirham ($6.8 billion) with local banks, part of a 120 billion-dirham ($32.6 billion) emergency fund aimed at boosting liquidity in the banking sector.

"The second 25 billion dirhams is being placed with banks as we speak, and we expect it to be closed by next week," Al-Shaikh was quoted as saying by newswire Bloomberg.

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READERS' COMMENTS

Reg: Committee
Posted by Arys on Wednesday 19 November 2008 at 15:25 UAE time

"Dubai does not have any problem. We are "Resilent" to the current global crisis. Whatever is happening globally is their problem. We are all "safe" here. Keep investing in our property, and keep making millions. There is only one way for us UP, UP, UP."

Wake uppppppp!! Its too late, Just wait for 2009 and history will be born that will be remembered for generations!!!

One more Commitee...
Posted by Captain Joe on Wednesday 19 November 2008 at 15:18 UAE time


hey guys...one more commitee formed..looks like all those who are loosing jobs can try for becoming a member of a commitee...there is always a lot of research to be done in Dubai in understanding why there is a crisis in Real Estate sector which was initially obvious to many...

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