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Dubai debt crisis ‘will be resolved soon’
Abu Dhabi is ready to provide further aid, says UAE finance minister.
March 9, 2010 12:28 by Ben Flanagan
The UAE federal government is prepared to provide further financial support to Dubai, which is struggling to pay off $26 billion debt owed by troubled conglomerate Dubai World.
Finance minister Sheikh Hamdan bin Rashid al-Maktoum, when asked whether the government would support Dubai, said “of course. Dubai is part of the federation,” according to a report by Reuters.
Sheikh Hamdan, who is also deputy ruler of Dubai, said the emirate had not yet approached the federal government for aid.
“The Emirates are one entity and things will be resolved soon, God willing,” he told Reuters. “The whole thing is that … companies are in arrears. These companies are not the whole country.”
Dubai World is currently in talks over the restructuring of a $26 billion debt. The UAE capital has already stepped in to offer financial support to its neighbor.