Dubai Will Support State Entities

The Dubai government will continue to support state-linked entities, the chairman of its Supreme Fiscal Committee said on Wednesday, two weeks after it walked away from debt talks at Dubai Group.

Sheikh Ahmed bin Saeed al-Maktoum, who is also chairman of Dubai’s largest bank Emirates NBD and Emirates airline, spoke on the sidelines of an economic outlook event.

“We will continue to support the GREs (government-related entities),” said Sheikh Ahmed, who is uncle to the ruler of Dubai and a close advisor.

Earlier in February, sources told Reuters the Supreme Fiscal Committee had walked away from talks on the $10 billion restructuring of Dubai Group, part of Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum’s personal investment vehicle, Dubai Holding.

Asked whether the Dubai Financial Support Fund, created in 2009 to help Dubai entities, will need to be replenished after shelling out billions to support state-linked firms, such as Dubai World, Sheikh Ahmed replied: “I am pleased with the way business is going in every aspect.”