A front-page story in today’s Khaleej Times puts a very positive spin on the debt crisis in Dubai. Not surprisingly, the newspaper is part-owned by the UAE government. And like other media outlets in the emirates, it is governed by laws that prohibit negative economic reporting.
Khaleej Times: Bankers, executives rallied to support Dubai’s efforts to manage its debt crisis, saying problems have been exaggerated and the impact of restructuring overblown.
Riad Kamal, chief executive of Arabtec , said he had no doubt about Dubai’s commitment to settle its debt.
“Dubai should be given time to restructure its debt. I’m not going to lose sleep over this issue,” he said.
“I am very relaxed. Dubai has never defaulted and it will not default,” Khalaf Al Habtoor, chairman of Al Habtoor Group, told Reuters by phone. “I am confident the government will meet its commitments and help the companies.”
An executive at Emirates NBD , one of the region’s largest banks, also sought to minimise the impact, saying: “It’s business as usual and there’s nothing to worry about.”
Read the full article here.