DP World chairman says he opposes dirham revaluation

07 April 2008
Chairman of DP World, Sultan bin Sulayem, a member of the Dubai Executive Council and a key adviser to UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid al-Maktoum, says he opposes any change to the value of the UAE dirham against the US dollar.

Bin Sulayem made the comments while announcing his firm’s latest set of financial results in Dubai on 7 April.

"I am not in favour of revaluation," he said. "And all the recommendations to the central bank [of the UAE] are to stay with the dollar."

Last year Kuwait dropped its peg to the dollar and there has been persistent speculation that other GCC states would follow in an effort to tackle inflation. Sheikh Mohammed recently confirmed that the UAE government has set up a committee to look at the dollar peg (MEED 4:04:08).

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