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ACE Chief Executive Nelson Ogunshakin welcomes the announcement that Abu Dhabi will support Dubai in its current financial situation. The commitment of $10 billion is clearly an interim measure to resolve the problem of settlement of $4.1bn Sukuku or Islamic bond and to cover trade and Construction suppliers’ related unpaid fee.
We are particularly pleased to know that Dubai will now be able to honour their payment obligations to the UK Consultants and engineers and we look forward to see this payment coming through on time to minimise the impact on suppliers business.
ACE intends to continue work with all relevant parties to advocate effective resolution of this long term problem. ACE believes that the Dubai experience is a wake up call to investors and suppliers’ operating in the international market as the underlying fragility in the global economy is still very much presents.
There are lessons to be learned from this situation for anyone entering into contractual relationships with quasi sovereign backed private sector clients on how those contracts are dealt with when there are issues of default. We hope that in the future other organisations, in whatever country, bear those lessons in mind. ACE very much looks forward to a more stable situation in Dubai now that Abu Dhabi has made this decision.
-ENDS-
For press information please contact Simon Goldie on 020 7227 1892 or 07905 279328 – sgoldie@acenet.co.uk
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