Dubai and the United Arab Emirates (UAE) are to implement urgent reforms to address weaknesses in their financial systems, the head of Dubai’s Supreme Fiscal Committee said on Sunday.
The “committee ... is establishing a comprehensive program to address vulnerabilities in our financial system,” said Sheikh Ahmed bin Saeed al-Maktoum, who also heads Emirates Group.
“At a federal level, urgent steps are being taken to address the gaps in the UAE’s legal and regulatory infrastructure,” he said at the opening in Dubai of the two-day MENASA economic form.
“A clear framework for the financial restructuring and reorganization of companies, based on international principles, is being put in place” by the federal government, he said.
And “the [federal] government is set to issue a public debt law this year,” after which it will “establish a debt management office to coordinate the raising of debt for government-related entities,” he said. “A similar debt management unit is planned to be set up in Dubai to centralize debt decision-making.”
Dubai rocked global financial markets in November last year when it said it might need to freeze debt payments by its largest conglomerate Dubai World, stoking fears of a state default over sovereign debt.
The conglomerate said on Thursday that it had “in principle” reached an agreement with most of its lenders, but the proposal still requires the approval of its remaining creditors.
Dubai World’s total debt, including liabilities, is about US$60 billion. Dubai’s total debt is estimated at between US$80 billion and US$100 billion.
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