(MENAFN- Khaleej Times) One of Dubai's top government officials said on Sunday that he expects state-owned conglomerate Dubai World to reach a deal on renegotiating its debt repayment schedule in the near future.
"I can say for sure we will reach it. It is there and you will hear about it soon," Shaikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai's Supreme Fiscal Committee, who is also President of Dubai Civil Aviation Authority and Chairman and CEO of Emirates airline and Group, told reporters when asked whether Dubai World has reached a deal with creditors. He was speaking on the sidelines of a real estate event in the emirate.
Returning confidence has led to a number of new projects to be announced, including plans to build the world's largest Ferris wheel and the world's largest shopping mall.
"These (new) projects have nothing to do with Dubai's debt programme. These are investors who will be taking their own risks," said Shaikh Ahmed.
Shaikh Ahmed added that many of the new residential projects which have been announced were needed to help boost supply and dampen big increases seen in prices.
Property price rises, at close to 30 per cent year-on-year, were among the highest in the world during 2013 and the first part of 2014.
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