From 'saviour' to sacked - what a way to raise $10bn - Business

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The Sunday Times ran a full-page feature on him, dubbing him a "saviour" of Dubai, as part of its coverage of the summit.

Then on Monday he was sacked.

As is normal in Dubai, the circumstances were shrouded in secrecy. The official government news agency WAM made the announcement, saying only that the move was by royal decree, meaning the decision came from the very top of Dubai's ruling elite.

No reason was given, although the release did say that Al Sheikh takes up a junior role in Dubai's office of foreign affairs, so he hasn't been completely cast aside.

His replacement is Abdul-Rahman Al Saleh, a little-known apparatchik from the customs department.

The move could have ramifications for two London firms hired by Al Sheikh to help steer Dubai through the economic downturn.

Investment bank Rothschild is helping with a $20 billion bond issue (half the money has already been raised on favourable terms from the UAE central bank).

Meanwhile public relations firm Finsbury is sprucing up the city's image, which has taken something of a battering in the international press of late.

For Dubai, the implications are unclear, but first impressions in expat financial circles are not good.

Dubai is wrestling with $80 billion of debt, about $10 billion of which is due this year, and the government is trying to raise funds in international markets.

What lenders want is stability, continuity and transparency. Axing the finance minister with no explanation hardly fits the bill.

* More evidence of the slowdown in Dubai's tourism industry. Official figures show hotel revenue fell by 15% in the first quarter.

A report by HSBC blames a recession in three key markets for Dubai hotels - the UK, Russia and the eurozone.

* Emirates Airline has incurred the wrath of the competition police at the European Commission. The Consumer Affairs division says that Emirates is one of 12 airlines which are consistently guilty of misleading customers over prices on its website. Emirates, which operates from six UK airports including Heathrow and Gatwick, denies any wrongdoing.