Dubai’s financial chief said Tuesday that urgent action is necessary to shore up Dubai World’s Nakheel, and Dubai Holding. However, Nasser Al Shaikh, Director General of Department of Finance, said the company is not asking for emergency help as they think they can handle the crisis.
Dubai’s properties are a lynchpin for the economy, and they have been slumping since last year as oil prices and the global slowdown have impacted the economy. New reports have possible negative growth this year have increased concern. Dubai Holding and Nakheel will be among the first companies to benefit from this months sale of $10 billion bonds to the UAE’s central bank.
