Azerbaijani Experts Expect no Dubai Crisis Impact on Home Economy
OREANDA-NEWS. December 08, 2009. Ogtay Ahverdiyev, the former head of the Azerbaijani Cabinet Ministers’ Economic Policy Department, says that it is needed to understand clearly that the situation around Dubai World was artificially exaggerated.
“Suddenly” it turned out that Fund’s liabilities total not US59 bn but US 22 bn and it does not want postponement of payments and obtains restructuring of the debt, while neighboring emirate Abu Dhabi is ready to help with that. As a result, the crisis is resolving and commercial profits have been received.
For instance, the entire world is now aware of the price for Dubai real estate that is “becoming cheaper fast”,” Ahverdiyev said.
Simultaneously he sees no jeopardy for Azerbaijani capital in this emirate.
“Azerbaijan, as a state, has only resident office of the International Bank of Azerbaijan in Dubai. Other investments there have private character and are simply insignificant with the volume of business in Dubai and currency assets of this emirate (US 122 bn),” Ahverdiyev emphasized.
He also does not see any analogies in schemes of development of Azerbaijan and Dubai.
“Unlike Dubai, Azerbaijan does not take commercial credits for its infrastructure projects,” he indicated.
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