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FINANCIAL NEWS
Dubai banks have sufficient liquidity, cash
04 Oct 2011
(MENAFN) Dubai’s Supreme Fiscal Committee’s Chairman, Sheikh Ahmed bin Saeed Al Maktoum, said that banks in Dubai had enough liquidity and cash to withstand another global recession, reported Emirates 24/7.
Al Maktoum added that Dubai wasn’t directly affected by Europe’s debt crisis; however, several foreign banks in the emirate might have some problems from the crisis.
On the other hand, Sheikh Ahmed said that Dubai’s Al Jalila oilfield was on course to start operations before the end of the current year, refusing to provide output levels.
It is worth noting that according to the US Energy Administration, Dubai produces around 100,000 barrels per day (bpd) at the current time from four existing fields.
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