Dubai hires consultants to attract investment
Dubai, December 29, 2009
The emirate of Dubai has hired foreign consultants to attract more investments after its reputation was hit following the shock announcements of debt repayment problems at its flagship companies.
Dubai's Foreign Investment Office signed an agreement with consultants A T Kearney and its affiliated think-tank Global Business Policy Council, according to a joint statement on Tuesday.
The partners gave no details, saying only they wanted to develop "new policy tools".
Dubai, a member of the UAE federation, shocked the financial world on November 25 when it announced it would seek a repayment freeze on billions of dollars of debt for its property firms.
The wealthier emirate of Abu Dhabi intervened with a last-minute, $10 billion rescue to stave off Dubai's default on a $4.1 billion bond from one of the state companies.
Since then, state-owned conglomerate Dubai World disappointed creditors by making little progress on securing standstill on $22 billion of debt. – Reuters
More Finance & Capital Market Stories
- Gulf must consider flexible exchange rate: banker
- Productivity, trade 'key to Bahrain growth'
- Arqaam Capital advises Magrabi on key acquisition
- NBK to fund hospital expansion
- Doha Bank may sell bonds to raise capital
- Reuters launches Islamic finance indicator
- IMF 'not worried about Dubai debt obligations'
- Nonoo Exchange opens Riffa branch
- Inflation a risk for strong Saudi economy: IMF
- Ahli United expands key POS service