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).