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Will Abu Dhabi always be ready to help Dubai financially?
The results are in.
December 27, 2009 11:24 by Dana El Baltaji
It’s a question investors around the world are asking themselves: Will Abu Dhabi come to Dubai’s rescue every time a debt matures? We don’t have the answer, otherwise we’d leak it to you in a heartbeat.
Local authorities, however, insist the UAE stands united, both in good and bad times. When Abu Dhabi extended a $10 billion bond to the Dubai Financial Support Fund in mid-December to help Dubai World pay its debts, Sheikh Abdullah Bin Zayed al-Nahayan, the UAE’s foreign minister said that it “is proof that the UAE is united politically and economically.”
“It is also proof that UAE remains committed toward local government to deal with effects of the global economic crisis,” he added.
He then said: “The economic crisis in Dubai is over.” It is?
Anyway, while the government is keen on presenting a united front, most self-respecting UAE residents know that although Abu Dhabi is likely to help Dubai, Abu Dhabi seems to be having a good time making its neighbor work hard for money.
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