Dubai's Sheikh Ahmed hopes better future of banking sector

Dubai's Sheikh Ahmed hopes better future of banking sectorSheikh Ahmed bin Saeed al-Maktoum, who is also chairman of Dubai's Supreme Fiscal Committee, expressed satisfaction over liquidity conditions of local banks of Dubai who weathered global downturn very effectively. Banking sector is reeling under pressure due to negative cues from the European and US markets given to their debt woes that may push the world in to yet another recession.

Greek debt default proved heavy for European banks with their stocks fell maximum since July. Sheikh Ahmed, the uncle and close adviser to Dubai's ruler, told, "(Local banks) have lots of cash and lots of liquidity as well. We're not directly affected (by Europe) but I'm sure some (foreign) banks which are here could have certain issues. But the world will never be with a crisis."

However, he told that foreign banks expressed faith in the bank and they would continue to support retail business in the country anticipating better future ahead. Sheikh Ahmed, who was named chairman of Emirates NBD in June, was happy with the growth of tourism and export sector and projected better future for core business of Dubai.