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The first detailed rescue plans should come out in two weeks, said Nasser Al Shaikh, Director-General of Dubai Department of Finance.

“We have a clear focus on surviving in the current environment with the least damage,” he said.

“There are urgent requirements that need to be dealt with quickly. We will be helping companies on commercial terms. We would like to avoid sitting down with them in six months and talking about the same issue,” he added.

Al Shaikh clarified Emaar Proper-ties is not looking for funds because it believes it can handle the crisis.

Dubai has put together a five-member fiscal committee headed by Sheikh Ahmed bin Saeed Al Mak-toum, Chairman of Emirates Group.

Dubai will shortly appoint non-bank financial advisors to ensure assets are valued properly and avoid conflicts of interest, Al Shaikh said, adding that he plans to collate all of Dubai’s economic data on the web.

Signs of crisis emerged last summer with “hot money” coming in to bet on the local currency’s rise and banks restricting lending, he said.

Dubai has to re-adjust its growth plans and face the new realities, Al Shaikh added.

International banks are welcome, especially those that have done business in the UAE for decades. “The large international banks with a long track record will continue to play an important role in the development of Dubai,” he said.

“When it comes to international banks, it’s about relationships.”

The union will be stronger and more centralised for it, Al Shaikh said, adding that does not mean the emirates should not compete. “If you don’t compete, you don’t excel,” Al Shaikh said.