Dubai’s debt crisis will make state owned companies in the city state more transparent, said Nasser Saidi, the chief economist of the Dubai International Financial Centre.

Speaking during a panel discussion hosted by Bloomberg News, in Dubai, Saidi said: 'The region never faced a crisis like this. This is really going to be giving an impetus for change and reform.

'Greater clarity I think will come out of this in terms of the ownership, who owns what and what they do.'