Thursday, July 25, 2024


Dubai assets are not for sale even after debt crisis

Abdul Rahman Al Saleh, Director General of Dubai Department of Finance, said the group will be able to overcome the situation by restructuring its debt and selling its own assets.

In an interview with Al Jazeera TV, quoted by UAE daily Gulf News on Monday, added: “The main aim of restructuring Dubai World is guaranteeing the continuity of its operation as a viable commercial entity. Liquidity or availability of cash – is not the problem. The issue is the future of the company. It is in the interest of the Company to restructure or provide liquidity to ensure that it remains sustainable in the long term. ”

Al Saleh said Dubai World and Nakheel’s problems originate in the short-term loans to long-term projects.

Al Saleh added that the financial support of Dubai, established in July this year, could extend support to Dubai World, where necessary, but reiterated the government’s position that there was no government guarantees on debts Dubai World.

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