Market reaction ‘softening’: Dubai finance chief
Dec 10, 2009 : http://www.business24-7.ae/Articles/2009/12/Pages/Marketreaction%E2%80%9...
Dubai's finance chief said on Thursday the global market reaction to Dubai's debt restructuring was now softening.
He termed the exaggerated media reaction as ‘inaccurate’ and ‘unnecessary blind panic’. “It was a misunderstanding of the status of Dubai, which indeed is a centre of trade and economic activity,” he said.
"Of course, the reaction by the global markets was psychological, and came strongly. However, the reaction is now softening as investors became more informed about what happened." Abdul Rahman Al Saleh said in a speech.
Saleh said the emirate would come out of the crisis as a "winner" if past precedent was anything to go by.
"Let me admit, in Dubai we are not good in publicising what we are doing as much as we are in doing it," he said.
He also spoke about the western media’s exaggerated reaction to Dubai World’s restructuring plans.