Dubai's debts stand at US$80 billion (Dh294bn), which are well within the Government's ability to service, according to Mohamed Alabbar, chairman of Emaar Properties.
Speaking at DIFC Week in Dubai, Mr Alabbar said the figure consists of $70bn Government debt and $10bn of debt from state-affiliated firms. "The Government can and will meet all obligations going forward."
However, that are calls for greater control over the issuing of credit, with the threat that non-bank lending organisations could hurt the financial stability of the country if not regulated.
Bryan Stirewalt, the director of supervision at Dubai Financial Services Authority, said that lenders that are closely tied to property developers employ less stringent loan practices than banks because they make their profits principally from the sale of the property, and not from the loan.
He said similar situation in the US had caused the subprime mortgage debacle where snowballing defaults from property loans have rocked the world economy.
"That misplaced incentive (to sell the property) led to the current problems," Mr Stirewalt said. "The credit risks that they created was the hot potato that went up all the way to the banking system."
His comments come the day after the UAE Government said it would merge home financing companies Amlak and Tamweel into one entity called the Emirates Development Bank.
Mr Stirewalt said he foresees more regulation for mortgage lenders that are not banks.
Dubai property prices, which have been appreciating over the last few years, have begun cooling since last summer because of a global recession, economic uncertainties and the global credit crisis.
mjalili@thenational.ae
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
A list of the animal rescue organisations in the UAE
As it stands in Pool A
1. Japan - Played 3, Won 3, Points 14
2. Ireland - Played 3, Won 2, Lost 1, Points 11
3. Scotland - Played 2, Won 1, Lost 1, Points 5
Remaining fixtures
Scotland v Russia – Wednesday, 11.15am
Ireland v Samoa – Saturday, 2.45pm
Japan v Scotland – Sunday, 2.45pm
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
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The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
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The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
The specs
Engine: 3.0-litre flat-six twin-turbocharged
Transmission: eight-speed PDK automatic
Power: 445bhp
Torque: 530Nm
Price: Dh474,600
On Sale: Now
AS%20WE%20EXIST
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