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Dubai drafts record budget |
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12/26/2008 10:28:30 AM |
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The Dubai Government is set to announce a record budget in a few weeks, a top government official said.
Nasser Al Shaikh, Director-General of the Dubai Department of Finance, said the emirate was in absolute control of its destiny despite the challenges posed by the global economic crisis.
""No doubt the new environment is challenging. But we are in absolute control of our destiny," Al Shaikh told Gulf News in an exclusive interview on Thursday. "We have the means to deal with the outcome of the global credit crisis," he said.
Al Shaikh vehemently denied reports in the foreign media that Dubai had sold off some of its assets to Abu Dhabi and other emirates to generate cash.
"No Dubai asset has been sold. None of Dubai's assets are being negotiated to be sold to anyone," he said.
Al Shaikh said Dubai's sovereign debt is $10 billion [Dh36.7 billion], while the debt of companies affiliated to the Dubai government is about $70 billion.
Regarding Dubai's repayment of external debt, he said: "We are confident that we will meet our obligations when it comes to government and private company debts. It will be a mixture of paying off and rolling over existing debts."
Dubai's budget for 2009 is just weeks from being unveiled and there will be an increase in the budgetary outlay compared to the budget for 2008, he said.
"The budget is in the final stages, pending the Ruler's approval. It could be [unveiled] in a couple of weeks," Al Shaikh said.
Dubai announced a record 2008 budget of Dh135 billion through a decree issued by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. |
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Source: Gulfnews.com |
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