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FINANCIAL NEWS
Dubai creates financial reform team
12 Apr 2010
(MENAFN) The Government of Dubai said that it is creating a finance team tasked with drafting a four-year financial plan and making recommendations on fiscal needs in the cash-strapped emirate, Khaleej Times reported.
The new body will operate under Dubai’s finance department and report to the existing Supreme Fiscal Committee, which is chaired by Sheik Ahmed bin Saeed Al Maktoum, a top aide and uncle of Dubai’s ruler.
The new finance team will be charged with developing a financial plan through 2014 and making recommendations on a new revenue structure, among other responsibilities, according to the media office.
Dubai, one of seven that make up the United Arab Emirates, shocked global markets in November when it sought to delay repaying billions of dollars owed by its conglomerate Dubai World.
Dubai’s government announced last month it would pump up to $9.5 billion into the struggling conglomerate as part of a long-awaited restructuring plan. That proposal still needs approval from creditors.
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