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Emirates finance chief: Dubai can resolve new woes

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[May 29, 2010]  DUBAI, United Arab Emirates (AP) -- The finance minister of the United Arab Emirates is predicting Dubai will ride out its latest debt troubles without a bailout or major restructuring.

Sultan bin Saeed al-Mansoori says he believes Dubai International Capital, or DIC, will not need federal aid. Such aid was required after another Dubai investment engine, Dubai World, shook financial markets last year when it couldn't meet debt payments.

DIC said Thursday it is seeking a three-month extension on repaying some creditors. DIC is part of a holding company owned by Dubai's ruler.

Al-Mansoori said Saturday that the country expects 2.5 percent growth this year. That compares with 1.3 percent last year as the global economic crisis ended Dubai's boom years.

[Associated Press]

Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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