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Dubai at crossroads to improve legal framework
09 Feb 2010
Dubai must ensure a robust and transparent legal framework for creditors in order to ensure its long term future as an international financial centre, according to a leading expert.
Khalid Howladar, Senior Credit Officer with Moody’s Middle East, said that the next 12 months would be crucial for Dubai to restore international investor confidence following the Dubai World debt announcement in November 2009.
Speaking to Cityscape Intelligence, he said: “Dubai’s credibility as a financial centre has been affected. Much depends on the next 12 months and how they react to this and whether they use it as an impetus to re-engineer those aspects of legislation that are weak and lacking.”
He added: “If they can establish a very transparent legal regime for creditors and ensure that in future they are not being caught blindsided by announcements, they will improve things in the long term. If from this Dubai World situation creditors are treated fairly, they are going to come back again and be happy to invest in Dubai.”
Mr Howladar said that much of the negative commentary had come from outside the region and Dubai was still in a strong position to regain its competitive edge within the region.
“They really need to work through the real estate issues and improve more the business/transparency/market/expat friendly climate to maintain [Dubai’s] advantage as other cities in the region compete more effectively.”
Full Interview "Dubai World: What are the Effects of the Debt Standstill Request? "
Source: Cityscape Intelligence
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