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01.12.2014
Abdulrahman Al Saleh, director general of the Dubai Department of Finance, has full faith in the Dubai market and new developments, despite falling oil prices. Dubai’s finance chief believes the emirate can pay for the mega-projects planned over the next five years despite the falling oil price.
Speaking exclusively to The National, Abdulrahman Al Saleh, director general of the Dubai Department of Finance, said: “The capital markets have shown full faith in Dubai’s business model and as you have seen, both equity and long term debt is easily accessible to Dubai entities. In addition we have seen the private sector is very keen to participate in the future growth plans of Dubai."
“We are fairly confident that all these projects will be commercially viable and will be able to raise both equity and debt to manage healthy financial ratios,” he added.
Al Saleh added that the emirate’s financial position had improved significantly since the Dubai World “standstill” of 2009. “All headline issues have been addressed, a lot of deleveraging has happened in the past five years and the cost of debt across Dubai has fallen.
Speaking exclusively to The National, Abdulrahman Al Saleh, director general of the Dubai Department of Finance, said: “The capital markets have shown full faith in Dubai’s business model and as you have seen, both equity and long term debt is easily accessible to Dubai entities. In addition we have seen the private sector is very keen to participate in the future growth plans of Dubai."
“We are fairly confident that all these projects will be commercially viable and will be able to raise both equity and debt to manage healthy financial ratios,” he added.
Al Saleh added that the emirate’s financial position had improved significantly since the Dubai World “standstill” of 2009. “All headline issues have been addressed, a lot of deleveraging has happened in the past five years and the cost of debt across Dubai has fallen.
