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| Dubai formulates committee to review global financial crisis |
Dubai, the business capital of the UAE has formulated a supreme financial committe comprising industry leaders to study the global financial crisis and its impact on its economy. The panel would also develop strategies to tackle Dubai's sovereign debt.
The committee was set up by the Government of Dubai eight weeks ago as a precautionary step to safeguard Dubai's economy. "Many recent reports were confusing about the sovereign debt of Fubai, debt of government-owned companies, debt of government-controlled companies and the debt of private companies. They were calculating all these against Dubai's GDP."
The financial committee is chaired by Mohammed Ali Alabbar, Chairman, Emaar Properties and also includes Mohammed Al Gergawi, Minister of State for Cabinet Affairs, Mohammed Al Shaibani, Chairman of Dubai Islamic Bank and Essa Kazim, Chairman Borse Dubai.
The committee is expected to reveal details of its work next week.
