Emirates Finance Chief Says Restructuring Not Required in Financial Recovery of Dubai

HE Sultan bin Saeed al-MansooriEmirates' Finance Chief exclaimed this Saturday exclaimed that Dubai will be able to recover from the latest troubles easily. He added that much restructuring will not required. His statement came in the wake of a request being sent to him for extending the repayment of the debts by an inv4estemrn company.

Dubai International Capital which is under the supervision of Dubai's ruler has directed the lenders to consider a three-month extension on the repayment of some of its debt. It did not give out any details of the amount of debt.

This June, the company will gain a loan amount back.

Sultan bin Saeed al-Mansoori, the Emirates' Finance Minister told that the Abu Dhabi-based federal authorities are not interfering with DIC's work. The company will not require much reformation in overcoming the financial issues.

"I don't expect a massive restructuring of DIC.  I do believe they will be able to meet requirements. I applaud them for the process taken to solve the (debt) problem", he added.

Dubai World had proclaimed, last week, that it availed the Government’s support for its $23.5 billion restructuring plan. Since then, the Dubai officials have started removing the further financial reforms.