Dubai Tells Global Bankers to Expect Another Boom.

[elleng]

LONDON — Dubai told international bankers on Monday that it was gearing up for another boom and did not regret the pro-growth policies which brought it to the brink of default five years ago. It appeared to win the endorsement of many of the bankers.

Over a dozen top Dubai officials and executives met about 100 representatives of financial powerhouses including Deutsche Bank, Nomura Holdings and Fidelity Investments for the emirate's first big investor roadshow since the crisis.

"If Dubai had to do the same again, most likely we would follow the same approach," Mohammed al-Shaibani, chief executive of sovereign wealth fund Investment Corp of Dubai, told the audience at Deutsche Bank's London offices.

He argued that heavy investment in Dubai between 2006 and 2008, which culminated in a 2009 debt crisis as a property bubble burst and state firms ran out of money, had succeeded in setting the emirate up as a major centre for finance and trade.

"Now we are leading the region and we have a mission to position Dubai as one of the world's main global cities. We are on the right track," Shaibani said.

http://www.nytimes.com/reuters/2014/04/07/business/07reuters-emirates-dubai-investment.html?hp

[Demeter]

1. Followed shortly by another bust, no doubt