Dubai ruler speaks out on debt concerns

DUBAI, United Arab Emirates, Dec. 2 (UPI) -- Dubai ruler Sheik Mohammed bin Rashid al-Maktoum said Wednesday world media are overreacting to Dubai World's debt problems.

During a press gathering in Dubai Media City's News Center in advance of United Arab Emirates National Day, the sheik questioned the tone of world media coverage of the Dubai debt story in the past week.

In a statement issued by the UAE press agency WAM during the gathering Tuesday, the sheik is quoted as saying the UAE has the "power of will, not the will of power, to face all challenges, including challenges posed by the tendentious media."

The strong statement seemed to fall short of the seemingly belligerent tone the usually affable ruler assumed at last week's announcement government-owned Dubai World would seek to freeze its estimated $60 billion in debt until May 2010. Earning central government financial support, the sheik then told a press conference those criticizing neighbor Abu Dhabi's relationship with Dubai should "shut up."

Excluding Dubai World, Dubai has a more manageable $24 billion debt, Deutsche Bank has estimated.