Rothschild to advise on Dubai fund

Dubai: The Dubai Department of Finance said it has appointed Rothschild to advise on the establishment of a financial support fund for which $10 billion of five-year bonds have already been issued.

The fund will be wholly owned by the Dubai Department of Finance and controlled by the Supreme Fiscal Committee of Dubai.

It will provide targeted financial support and liquidity to certain state-affiliated entities across the Dubai economy while facilitating the reforms necessary to protect stakeholder value and the long-term viability of these entities.

Further details of the principles for qualification, disbursement, monitoring and recovery of the fund will be provided in due course.

Nasser Al Shaikh, director-general, Dubai Department of Finance said: "The establishment of the fund will be an important step towards bringing greater stability and confidence to the revised business plans of our state-affiliated entities, especially in the real estate sector. This will provide benefits across the economy of Dubai"

"I am confident that with the addition of Rothschild's expertise we will put in place an independent and rigorous process of qualification and oversight for the fund, which will help our businesses achieve their full potential beyond the near term challenges," he said.