CEO urges UAE to drop dollar peg
Saudi Arabia: Thursday, February 28 - 2008 at 11:14
The chief executive of Rakaa Properties, a Saudi Arabian real estate firm, said the UAE should drop its dirham currency's peg to the dollar to help fight soaring inflation, reported Reuters. Abdulraman Al-Tassan, chief executive of Rakaa Properties, said depegging from the dollar is 'one possible effective solution' to combat inflation. Rakaa Properties, the real estate arm of Riyadh-based conglomerate Rakaa Holding, is developing a $272m project on Abu Dhabi's Reem Island.
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Jeff Florian, Senior ReporterThursday, February 28 - 2008 at 11:14 UAE local time (GMT+4)
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