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Tuesday, December 1, 2009

Dubai crisis, no cause for concern: UAE central bank

The United Arab Emirate's central bank has allayed concerns about local banks, saying these lenders have raised their capital and proved themselves by weathering the global financial crisis.

The bank's governor, Sultan Nasser al-Suweidi, said he did not see "any reason for concern because UAE banks have increased their capitals, (and) as commercial banks have proven their ability to face the consequences of the world financial crisis".

The Dubai government yesterday disclaimed responsibility for the debts of its Dubai World conglomerate, putting to rest assumptions by creditors that the emirate would guarantee its liabilities.

In an interview to Abu Dhabi TV, Suweidi did not refer to Dubai's debt problems but said: "I have an advice for foreign investors.They should study available investment opportunities and conduct realistic feasibility studies to make sure they are real opportunities with no risk."

Suweidi reiterated a statement by the Abu Dhabi-based central bank on Sunday that it would stand behind banks in the UAE and had set up an emergency facility to support their liquidity.

Meanwhile, Dubai Police Commander General and Head of the Dubai government's Budget Committee, Lt. Gen Dahi Khalfan Tamim, urged the media not to confuse between the debts of local public companies and debts of the Dubai government, saying the latter's debts were almost non-existent.

He said real estate continued to be the top earning sector in the whole region and that realty investors were still safe from the global downturn

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