UAE govt will support Dubai says minister
Dubai, March 9, 2010
The federal government will support Dubai as it grapples with a $26 billion debt restructuring and expects the matter to be resolved soon, the United Arab Emirate's finance minister said on Tuesday.
Asked whether the government would support Dubai, Sheikh Hamdan bin Rashid Al-Maktoum said: "Of course. Dubai is part of the federation."
Sheikh Hamdan, who is also deputy ruler of Dubai, said Dubai had not yet approached the federal government for aid.
"The federation hasn't reached that far but the emirates' are one entity and things will be resolved soon, God willing." - Reuters
More Finance & Capital Market Stories
- Nexus launches Kuwait operations
- Tunisia may delay sukuk issue to next year
- Al Baraka Turk planning $200m sukuk
- Kuwait April inflation climbs to 2.8pc y/y
- Bahrain Islamic Bank names new chairman
- Oman 'must consider fiscal reforms as priority'
- Qatar Exchange to start trading govt bonds
- NBK opens new branch in UAE
- Dubai utility repays $871m Islamic bond
- Investcorp buys stake in Saudi energy firm