Dubai is ready to support any state linked firms that may require help but Dubai Holding, the ruler’s investment vehicle, does not need assistance, the head of the emirate’s main fiscal committee said on Monday.
Speaking to reporters on the sidelines of an insurance event, Sheikh Ahmed bin Saeed al Maktoum said: “Dubai Holding doesn’t have any problem.”
Sheikh Ahmed heads Dubai’s Supreme Fiscal Committee, the body that oversees the distribution of funds to state linked firms, including Dubai World.
He added: “If there is anybody we can support, we will. But every other business related to Dubai is doing well.”
In March, the Financial Times reported that Dubai Holding, which spans financial investments, hospitality and real estate, may appoint a financial adviser to explore the rescheduling of loans over the next few months.
Dubai unveiled a $9.5 billion rescue plan for Dubai World last month, which would see creditors get their money back over up to eight years and the full repayment of two bonds linked to property unit Nakheel. (Reuters)
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