Dubai Banks Well Positioned to Outlast Global Downturn

Banks in Dubai are well positioned to survive another downturn, according to Sheikh Ahmed bin Saeed Al Maktoum

Banks in Dubai have enough insulation to withstand another global downturn, according Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai’s Supreme Fiscal Committee and the chairman of the Gulf Arab’s largest bank. He said, “(Local banks) have lots of cash and lots of liquidity as well,” Sheikh Ahmed told reporters. “We’re not directly affected (by Europe) but I’m sure some (foreign) banks which are here could have certain issues. But the world will never be with no crisis.” That said, he added that a number of firms in the country still have work to do to recover fully from the credit crunch of 2009.

Link: http://www.emirates247.com/business/energy/banks-have-ample-liquidity-ahmed-2011-10-03-1.421676