Fiscal committee looks beyond Dubai World

In an exclusive TV interview on the weekly business show Emirates Business 24/7 on Dubai One, Sheikh Ahmed bin Saeed Al Maktoum said that the Supreme Fiscal Committee of Dubai, of which he is chairman, is now looking beyond Dubai World and doing what is best for the economy of Dubai.

"We always look at the best for the economy of Dubai. We're not just looking at Dubai World as one company, but also the reflection on other businesses here in Dubai, in the UAE and the whole region," Sheikh Ahmed said yesterday.

The Supreme Fiscal Committee has overall responsibility for overseeing Dubai's fiscal policies and also oversees the Dubai Financial Support Fund, set up to manage proceeds from the Dubai bond programme and provide loans to government and government-related entities.

Explaining the current role of the committee vis-à-vis Dubai World, Sheikh Ahmed said: "We have a team, which is working with all of the departments on the government level. On a broader scale, we manage part of our committee to look into the Dubai World proposals. I think the proposal that has been planned for Dubai World and all the stakeholders in terms of Dubai World is going very well. It's a process that we need some time to finalise. When I take the fundamental outline of that proposal, it's really holding very well. It's still going to be some time, but we're hoping for the best."

Replying to a question on where the committee would direct cash flow in the near future, Sheikh Ahmed said: "If you're talking about Dubai World, the proposal is there. It is the banks, it is the contractors, and there are so many of them, so the money will always be directed towards that."

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