Officials of the Finance Ministry said that the banks of UAE have enough capital to meet any further the economic requirements.

Younis Al Khoori, Director General of the Finance Ministry, said, "Banks have enough capital to face any crisis, if another one happens. A debt-repayment plan last week by Dubai, the second largest of seven U. A. E. sheikhdoms, offered creditors of a state-run holding company terms that were better than expected."

The global economic crisis brought to halt the credit markets and the lending came to a near stop. Capital became scarce, resulting in defaults. In 2008, UAE made available $13.6 billion credit facility guarantying the deposits in the local banks.

The economic crisis, which caused a credit crunch in Dubai and its state owned companies, caused the debt to rise to $80 billion by the end of 2008. Payments, on the borrowings of $26 billion, were put forward from November to May, by Dubai World unit and Nakheel PJSC.

Dubai has decided to help Dubai World's debt restructuring with $9.5 billion and told the creditors to wait for eight years in order to get all their money back.

Khoori said, "The Dubai government's offer is better than expected for institutions that have exposure to Dubai World and Nakheel."