Dubai will weather through challenges caused by low oil prices: Al Shaibani

Dubai: Dubai will weather through any challenges caused by a fall in oil prices, according to Mohammed Al Shaibani, executive director and chief executive of the Investment Corporation of Dubai (ICD), the Dubai government’s investment arm.

“It’s not going to take long … We look forward to a more positive environment going forward. We are not completely dependent on oil — we have a diverse economy,” Al Shaibani told reporters in Dubai on Wednesday.

Crude oil prices could fall to $20 a barrel in the coming months if the devaluation of the yuan continues, according to investment bank Morgan Stanley.