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Dubai allays credit fears
- United Arab Emirates: Tuesday, November 18 - 2008 at 08:23
Saud Ba'Alawy, executive chairman of Dubai Group, an investment company belonging to Dubai Holding, said short-term capital shortages and the international credit crunch will not have any major impact on Dubai's long term investment plans and growth strategies, reported Gulf News. While admitting scarcity of credit is a problem, Ba'Alawy said falling global interest rates, combined with the huge amounts of liquidity being pumped in to the financial system by governments all over the world would ease the crunch in the medium term. Ba'Alawy added that Dubai's strength comes from the leadership and capability of people that have 'built Dubai from nothing'.
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Jeff Florian, Senior ReporterTuesday, November 18 - 2008 at 08:23 UAE local time (GMT+4)
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