- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 04:54 06:08 12:11 15:33 18:08 19:22
Scores of bankers, economic experts and credit managers from the Arab World and other countries will gather in Dubai next month for a conference that will focus on the Dubai World debt, according to the organisers.
The Beirut-based Union of Arab Bank (UAB) is sponsoring the March 10-11 event that will also discuss methods followed by Dubai World in tackling the debt, which it estimated at around $60 billion (Dh220.2bn).
"It should be noted that the main cause of the problem was the decline of real estate prices similar to what happened in most countries. Creditors exerted all sorts of pressures, including asking the UAE to guarantee or pay the debt, contrary to what was reported in the contracts, and to recover the full debt and interest as if it was lending to the State itself," said the UAB in a statement yesterday.
The UAB said the Dubai debt issue is inseparable from the global financial crisis. "It can be considered as one of its consequences, including the undesirable effects the global crisis caused on the real estate and financial sectors. The issue has its own challenges that should be dealt with efficiently in the light of new basics that have emerged internationally regarding risk management," it said.
"This may lead not only to face these challenges but to transform them into opportunities, if we take into consideration the advantages of Dubai in the investment climate over several countries within the Arab region or outside it."
The statement said issues to be discussed at the conference include strategic analysis for investment in light of the crisis, elements of strengths and weaknesses and analysis of opportunities and threats. They also cover benefiting from the international experiences in facing crises to solidify and strengthen the economic performance of Dubai.
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