Greece debt crisis 'won't impact Dubai' - official

UPDATE 1: UAE central bank governor says local banks have no significant exposure.
Greece debt crisis 'won't impact Dubai' - official
NO IMPACT: UAE central bank governor Al Suwaidi said on Monday that the Greece debt crisis would not affect Dubai.
By Agencies
Mon 10 May 2010 11:26 AM

UAE central bank governor Sultan bin Nasser al-Suwaidi said on Monday that he doesn’t expect the financial crisis in Greece to affect Dubai. “It’s in a different region,” al-Suwaidi said in Abu Dhabi today. “There will be nothing of signifance at all,” regarding local banks’ exposure to Greece, he said.

He said at the same event that Dubai World’s talks with creditors appear to be going “very well”.

Separately, the UAE's Minister of State for Financial Affairs, Obaid Humaid Al-Tayer, said the country would set up a debt management office in 2010.

"The first thing is that the law of public debt needs to be issued...after that we will consider the matter of issuing bonds," he said. "The law will be passed this year."

Al Tayer said after a law is passed, a debt management office will also be set up during the year. Any sovereign issues will take place after completion of law and the setting up of office, he added.

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