Will Abu Dhabi always be ready to help Dubai financially?
The results are in.
December 27, 2009 11:24 by Dana El Baltaji
Rumor has it that Dubai has sold stakes in high profile corporations to ensure that Abu Dhabi continues to offer financial support, like Emirates Group and Jumeirah Group, but nothing’s confirmed.
Jumeirah Group’s chairman, Gerard Lawless, announced a week ago that the luxury hotel group will not be sold to settle Dubai World’s debts: “Jumeirah and Dubai Holding are part of each other and Jumeirah is not going anywhere,” Lawless told Forbes magazine. “Dubai Holding will be fine.”
Regardless of how much Abu Dhabi makes Dubai dance for the money, the majority of Kipp’s readers, 37 percent, think that the capital will continue supporting Dubai financially because “the UAE is a single country.” Furthermore, another 34 percent said Abu Dhabi will not let Dubai fall because the capital “gains from Dubai’s image.”
Meanwhile, 20 percent of readers think Dubai should fend for itself, and 9 percent tell Abu Dhabi to steer clear of Dubai’s financial strife. Tough crowd.
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3 Comments
I really don’t understand why people would even doubt that Abu Dhabi would bailout Dubai. It won’t. However, it will levy tighter restrictions on its previously loose overly expansionist economic policy; and that’s the long and short of it.
Welcome to Abu Dubai
I think one should not encourage these kinds of discussions, as knowing Dubai is a part of U A E and the Honorable President is always emphasis this Message in his speeches what valid reasons do we have to discuss all these?