2009-12-02 18:07:58
WAM Berlin, Dec 02nd, 2009 (WAM): A prominent German banker has criticised the media hype on Dubai saying that "things are being overblown at the moment".

In an interview aired by Europe's biggest German-language TV station on Tuesday in its flagship morning business show 'Markte am Morgen' (Morning Markets), Steffen Schubert, founding CEO of the Dubai International Financial Exchange (DIFX), said that what is going on is "merely about the restructuring of a company, not a state declaring bankruptcy".

Asked to comment on recent events involving Dubai World, he asserted that the company "is in a challenging situation and, just like other global conglomerates, it has to enter a phase in which it will consolidate its operations, as a result of the current global financial climate". However, he continued, "This should not be more than a storm in a glass of water".

Schubert expressed his view that particular emphasis should be given to the distinction between companies in Dubai and the emirate.

"Dubai World is a corporation, not a state. This is not about the surrender of a nation, or even an emirate. I think that things are being overblown at the moment. I don't think that this will have any effect on other countries in the region", Shubert said.

Schubert is respected worldwide as a leading German banker and was the managing director of Bavarian Stock Exchange in Munich before becoming the CEO of DIFX.

n-tv that aired the programme is a major TV broadcaster in Germany and is widely viewed in Austria and Switzerland. It boasts an independently-verified average daily audience of more than 5 million viewers.

WAM/AB