Dubai debt latest

Dubai will not sell assets to clear Dubai World debt

Dubai will not sell any of its assets to help Dubai World, a senior Dubai Government official has said in a television interview.

Abdul Rahman Al Saleh, Director-General of Dubai's Department of Finance, said the group will be able to overcome the situation through restructuring its debts and by selling its own assets.

In an Al Jazeera TV interview, cited by UAE daily Gulf News on Monday, he added: "The main goal of the restructuring of Dubai World is to ensure the continuation of its operation as a viable commercial entity. Liquidity or availability of cash - it's not the issue. The question is the future of the company. It is in the interests of the company to inject liquidity or restructure it to make sure it remains sustainable in the long term."

Al Saleh said Dubai World's and Nakheel's problems originated from short-term lending on long-term projects.

Al Saleh added that the Dubai Financial Support Fund, which was set up in July this year, could extend support to Dubai World if required but he reiterated the government's stance that there were no state guarantees for Dubai World's debts.

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