‘Crisis? What crisis’, says Dubai’s elite and media

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

Establishment newspaper Khaleej Times declared: "The timing of the announcement of a possible six-month delay in repaying the group's debt can be debated by market-makers, but not the intention behind it."

It tried to explain away the state's economic crisis by writing: "It is well known that Dubai, like so many other places, has not escaped the ravages of the economic downturn. That it now wants to repair the damage and learn from its experience should be seen positively." It added that Dubai World's debts of $60 billion (£36.4 billion) "matter little in the overall scheme of things" and said the government was just "asking for some breathing space".

Meanwhile Riad Kamal, chief executive of the United Arab Emirates' biggest builder, Arabtec, said: "Dubai should be given time to restructure its debt. I'm not going to lose sleep over this issue."

That message was repeated by Khalaf Al Habtoor, chairman of another construction giant, Al Habtoor Group, who said: "I am very relaxed. Dubai has never defaulted and it will not default."

An executive at Emirates NBD bank also tried to play down the situation, claiming: "It's business as usual and there's nothing to worry about." Suresh Kumar, chief executive of the bank's investment arm, said: "The crisis itself has been exaggerated. It is very much localised in one sector and one group. It has been escalated to a much bigger issue."