Dubai not to restructure debt of GREs

Dubai has no plan to restructure debt of government-related entities (GREs) next year, said a press statement on Wednesday.Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of Dubai’s Supreme Fiscal Committee, refuted  reports, saying that there is no intention to restructure debt of companies related to government in 2012.Sheikh Ahmed said the government is following a solid financial policy that enhances trust in the ability of government related companies in meeting all their financial obligations.According to the statement issued by the Dubai Government Media Office, Sheikh Ahmed clarified that the Government of Dubai may where necessary consider refinancing part of the financial obligations of government related entities.Sheikh Ahmed reiterated that the Government of Dubai is fully prepared to support government related companies through all available means.The Board of Directors of UAE Central Bank has reviewed a proposed Liquidity Regulation for banks operating in the UAE, and instructed introduction of some amendments to it.The Board, in its 13th meeting of the current year under the chairmanship of Khalil Mohammed Sharif Foulathi, Chairman of the Board also reviewed a number of reports relating to the banking sector in the UAE and took appropriate decisions. It also reviewed some matters relating to Human Resources Dept. in the CBUAE.It reviewed applications submitted by a number of money exchanging firms operating in the UAE to expand their businesses and open new branches.Applications from natural and juridical persons to establish companies to undertake financial activities and money changing business were also reviewed. The Board approved the applications which fulfill the terms as per the law and regulations applicable to each business activity.It also reviewed a brief report on developments in the restructuring of the Central Bank as well as a few memorandums submitted by the Banking Operations Department.The meeting held on Tuesday was attended by Khalid Juma Al Majid, Deputy Chairman of the Board, Sultan Bin Nasser Al Suwaidi, the Governor, Younis Haji Khoori, Mubarak Rashid Al Mansouri, Khalid Salim Balama, Khalid Ahmed Al Tayer, Deputy Governor Mohamed Ali Bin Zayed Al Falasi, Saeed Abdullah Al Hamiz, Assistant Governor for Banking Supervision, Saif Hadif Al Shamsi, Assistant Governor for Monetary Policy and Financial Stability Affairs and a group of senior Central Bank staff.