Despite a number of high-profile developments remaining unfinished in the wake of the economic downturn in 2008, Hani Al Hamli, secretary general of Dubai Economic Council, said Dubai had access to funding to finance these new projects.
“We do have our own resources and way to finance… We are sure that these projects will be achieved,” he said.
When pushed on where these funds would come from, Al Hamli did not go into specifics, commenting that financing would occur via sources within the UAE.
“We have our own resources in the emirates. I don’t want to disclose… This is managed by the finance department.
“When it comes to resources, we are part of the UAE and we have our own networks… There [are] neighbours who have massive natural resources. At the end of the day, [in] the UAE there is solidarity and a good governance and leadership,” he said.
In contrast to its oil-rich neighbour Abu Dhabi, Dubai's government does not have the large fiscal reserves needed to finance large-scale projects.