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19 March 2024

Dubai can pay debt on time: Ahmed

Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai's Supreme Fiscal Committee. (SUPPLIED)

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By Staff

Dubai’s government companies which are undergoing restructuring have started to perform well and are able to meet their financial obligations on time without government support, a senior Dubai official was reported on Wednesday as saying.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai’s Supreme Financial Committee, said the emirate is not involved in any talks with neighbouring Abu Dhabi for refinancing of its $20-billion debt due for 2014.

In statements to local newspapers, Sheikh Ahmed also said Dubai is financially able to host the prestigious Expo event, adding that this would benefit the whole region.

“State companies and non-government organisations which have been restructured have started to achieve strong performance that will help them meet their financial commitments on time without the need for government support,” said Sheikh Ahmed, who is also chairman of the stat-controlled Emirates airlines.

He said Dubai’s non-oil sectors, mainly real estate, have fully recovered and started to record strong growth rates over the past few years.
“What Dubai has achieved over the past few years has attracted the attention of the entire world,” he said.

Asked whether Dubai has enough resources to host Expo, he said the government has already conducted a thorough study on hosting the event.

“Hosting this event will benefit not only Dubai but the whole region.”

Regarding Emirates, Sheikh Ahmed said issuing bonds or sukuk (Islamic bonds) would always be an option for the airline.

Click to read: 'Dubai working to shield property from excessive price rises'