Dubai Holding does not seek gov’t aid

13 Apr 2010

(MENAFN) Dubai Holding, the ruler’s investment vehicle, said that it does not have any problems and will not seek any financial aid from the government, Reuters reported.

The remarks came after media reports saying that Dubai Holding may appoint a financial adviser to explore the rescheduling of loans over the next few months.

Head of Dubai’s Supreme Fiscal Committee, the watchdog which oversees the distribution of funds to state-linked firms, Sheikh Ahmed bin Saeed Al Maktoum, said that if any firm needs help it will be aided; however, almost every business related to Dubai is doing well.

Last month, Dubai unveiled a $9.5 billion rescue plan for Dubai World, which would see creditors get their money back over up to 8 years and the full repayment of two bonds related to property unit Nakheel.

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