Dubai will turn to domestic sources to finance its economic expansion as the international credit it has relied upon dries up, according to a top official.

Omar bin Sulaiman, governor of the Dubai International Financial Centre and vice-chairman of the central bank of the United Arab Emirates, insisted that domestic and regional financial liquidity would make up for a fall in lending from western institutions. “There have been three sources of debt – local, regional and international. Now we’re missing only the international,” he told the Financial Times.