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2.57 MB

Extraction Summary

3
People
4
Organizations
2
Locations
1
Events
1
Relationships
4
Quotes

Document Information

Type: Interview transcript / government investigation record
File Size: 2.57 MB
Summary

This document is a page from a transcript of an interview conducted by 'Ro’ya Al Iqtesadiah newspaper' with a high-ranking UAE official, addressed as 'Your Highness'. The text discusses the UAE's investment environment, corporate governance, legal accountability for nationals, and the Dubai government's issuance of $20 billion in bonds to address liquidity issues. The document bears a House Oversight Committee stamp, indicating it is part of a government investigation file.

People (3)

Name Role Context
Your Highness Interviewee / Government Official
Addressed by the interviewer regarding UAE economic policy and oversight. Likely a ruler or high-ranking official of ...
UAE nationals Citizens/Businessmen
Mentioned in the context of recent legal and financial issues.
Smart investors Investors
Described as continuing to come to the UAE.

Organizations (4)

Name Type Context
Ro’ya Al Iqtesadiah newspaper
The entity conducting the interview and asking the questions.
Central Bank
Subscribing to $10 billion of Dubai bonds.
Government of Dubai
Issuing bonds and providing support to companies.
House Oversight Committee
Implied by the footer 'HOUSE_OVERSIGHT_024948'.

Timeline (1 events)

Not specified
Issuance of US$20 billion in bonds by Dubai.
Dubai

Locations (2)

Location Context
UAE
United Arab Emirates; central focus of the economic discussion.
Specific emirate discussed regarding bonds and government support.

Relationships (1)

Ro’ya Al Iqtesadiah newspaper Interviewer/Interviewee Your Highness
The text alternates between questions posed by the newspaper and answers provided by the high-ranking official.

Key Quotes (4)

"No one is above the law in the UAE, and whoever crosses the line will be sought by judicial authorities and legally tried."
Source
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Quote #1
"The support given to companies is not a grant, because its origin is the bill, and companies possess productive assets that enable them to meet all the requirements."
Source
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Quote #2
"Investment plans have no limits or boundaries."
Source
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Quote #3
"Security and profit are two very important concepts for the investor."
Source
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Quote #4

Full Extracted Text

Complete text extracted from the document (3,387 characters)

occurred in the capital markets in the world.
With regard to your point that the attraction of foreign investment has been among the priorities of economic mobility in the UAE; it is an inaccurate assumption. Investment plans have no limits or boundaries. There are foreign investments in the UAE, and the=2 0UAE in its turn has countless investments in many regions of the world. Investments imply promising opportunities in a favorable environment. This is what attracted foreign investment to the UAE, and the investment environment remains favorable in the UAE; the opportunities are still promising, and the UAE is still the most important regional center for business and international trade. Today, it is more promising than ever before, and the advent of smart investors to the UAE has not stopped.
By Ro’ya Al Iqtesadiah newspaper
"Security and profit" are two very important concepts for the investor, and it is known that the UAE has been a breeding ground for the development of capital in recent years. This was reflected on the arrival of the most prominent businessmen, major companies and famous brands to the country. The active UAE financial market contributed to the success of many companies, which turned into public joint stock companies, with billions of dirhams having been pumped into their capital. This means that thousands of investors were involved in the ownership of shares. Recently, however, we have witnessed legal and financial issues involving prominent names of UAE nationals. What does Your Highness have to say with regard to the investment community in the UAE on the capacity of governmental oversight of corporate governance and management of the shareholders and their rights?
These legal issues are evidence of firm government20concern about good corporate governance and its commitment to sound accounting principles, rules of governance and transparency. The government is constantly working to develop bodies, procedures and safeguards. No one is above the law in the UAE, and whoever crosses the line will be sought by judicial authorities and legally tried.
By Ro’ya Al Iqtesadiah newspaper
In light of the talk about the scarcity of liquidity in the domestic market, Dubai US$20 billion in bonds. Central Bank is subscribing to $10 billion of those bonds. Officials of the Emirate stated that there is no current need for the rest of the money. Does this mean that the Government of Dubai has closed the doors for new subscription to a second tranche? Will support be provided by the Government of Dubai for the companies as a grant?
The doors to subscription have not been shut down. The subscriptions so far meet our requirements. The support given to companies is not a grant, because its origin is the bill, and companies possess productive assets that enable them to meet all the requirements. The problem of these companies is part of the liquidity problem that has afflicted the financial system and banking world.
By Ro’ya Al Iqtesadiah newspaper
Looking at the entities that will avail from Dubai government’s financial support, can we say that Dubai government affiliate companies have overestimated their financial capabilities to cover development requirements, then subsequently their administrations became responsible for the level of these companies’ transparency in handling their projects?
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