Nov. 23 – Dubai ruler Sheikh Mohammed Bin Rashid Al Maktoum has strengthened his hold on the foreign debt laden emirate by sacking key figures in its financial sector.
The Sheikh fired the governor of the Dubai International Financial Center (DIFC), Omar Bin Sulaiman, Mohammad al-Gergawi , Sultan Ahmed Bin Sulayem and Mohammed Ali Alabbar from the board of Dubai’s main holding company, the Investment Corporation of Dubai reports The Economic Times.
The move follows the replacement of Nasser al-Sheikh, former director of the emirate’s Department of Finance, in May and will consolidate the emirate by streamlining the state-owned companies.
Dubai is now saddled with an estimated foreign debt worth US$80 billion incurred from years of speculative investing. The government is considering borrowing US$6.5 billion to remedy the situation.
According to a statement, replacing the DIFC governor was done to: “improve the efficiency of government institutions and companies, and consolidate the emirate’s growing importance as an international center for finance, business , trade, tourism and all services.”
DIFC is a 110-acre free zone with ambitions to be a world class financial center primarily serving Western Europe and East Asia.
