Dubai officials are outlining plans for financial reforms in the wake of the emirate's credit crisis. The governor of the Dubai International Financial Center, a state-run banking hub, said Monday the United Arab Emirates federation is putting in place a "wide-ranging program" aimed at addressing shortcomings in the country's financial system.
The chancellor told the Bank’s governor on Tuesday that Threadneedle Street’s new financial policy committee (FPC) should take account of the impact of its actions on “near-term economic recovery” when deciding on the regime under which banks operate, reports The Guardian.
UAE: Dubai Holding, the parent company of Dubai Group has agreed to buy out its subsidiary's debt with the Royal Bank of Scotland, Commerzbank, Standard Bank and Commercial International Bank (Egypt) of up to US$1.5 billion...
The International Monetary Fund said Tuesday it was downgrading its economic growth forecast for the United Arab Emirates due to the "drag" of the Dubai real estate sector.Overall gross domestic product in 2010 would be "about flat, between Zero percent and one percent," Masood Ahmed, the IMF's director of the Middle East and Central Asia, told reporters in Dubai.He added the debt problem of state-firm Dubai World, which is negotiating the restructuring of some 22 billion dollars in debt, would "have some effect on the UAE economy for this year and also for next year."