Dubai debt not to impact UAE economy: Minister

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Dubai debt not to impact UAE economy: Minister
Abu Dhabi, Dec 21: UAE Minister of Economy Sultan Al Mansouri on Monday, Dec 21, said that Dubai's debt crisis doesn't really have a huge reflection on the whole economy.

Dubai sent shock waves through global markets on Nov 25, 2009 when it requested a standstill on $26 billion of debts linked to Dubai World and its two property units Nakheel and Limitless.

When asked whether the UAE would need to lower its forecasts for next year, Sultan al-Mansouri said, "I don't think so because of the size of the issue."

"If you look at it, it doesn't really have a huge reflection on the whole economy of the UAE," he told reporters on the sidelines of a conference.

Dubai World is expected on Monday, Dec 21, to ask key creditors for more time to pay off its loans.

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