Nice to have

26 August 2008 By Una Galani Follow @ugalani

The emirate s high profile effort to increase investor confidence has rightly been trumpeted yet China s success shows that neither transparency nor a free media are necessary cornerstones of a burgeoning financial market. Dubai is still missing an essential: liquidity.

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Officials in Dubai have recently detained one current and one former executive at Nakheel, the realestate development arm of the stateowned Dubai World Group. The executives are being investigated for mistrust and bribery according to Zawya Dow Jones. Separately, the vicechairman of government investment fund Istithmar World is under investigation for alleged financial wrongdoing in his previous post at Islamic mortgage firm Tamweel.

Earlier this month, Dubai's ruler Sheikh Mohammed bin Rashid al Maktoum issued a statement outlining a zerotolerance approach to corruption in both the public and private sectors. The government has also vowed to publicise details of any probes once they are concluded.

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