Dubai talks finances with investors in Europe

June 2, 2010 8:17:11 AM PDT
DUBAI, United Arab Emirates (AP) - Dubai's finance department says it's meeting with investors in Europe to update them on its finances in the wake of the emirate's credit crisis. It says the talks are not aimed at forging new deals but are part of a "strategy of regular ongoing investor communications."

The department says the indebted city-state is committed to providing regular economic updates to investors worldwide.

The department confirmed the talks in a brief statement Wednesday. Officials wouldn't comment further.

Dubai is trying to work itself out from as much as $109 billion in debt. Its inability to repay all its debts on time and concerns about inadequate transparency sparked financial panic late last year.