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DOUBT - Dubai is facing massive financial problems
Financial world shocked as Abu Dhabi refuses Dubai debt plea
SHOCKWAVES swept the financial world last night after Abu Dhabi REFUSED to guarantee all of neighbouring Dubai's debt.
Investors had been banking on the wealthy state to bail out its flashy Arab brother in the Gulf.
But officials said that oil-rich Abu Dhabi would "pick and choose" which debts to support.
Dubai, known as a millionaire's playground, admitted it was on the brink of bankruptcy on Wednesday.
State-owned company Dubai World said it needed a six-month delay on interest on its debts, wiping billions off stock markets.
Abu Dhabi's refusal to provide blanket support has caused fresh fears, with global markets expected to plummet.
British banks are owed almost HALF of the £50 billion of global loans made to the debt-laden emirate.
An official from Abu Dhabi said: "We will look at Dubai's commitments and approach them on a case-by-case basis. Abu Dhabi will pick and choose when and where to assist."
Julian Jessop of consultancy Capital Economics, said: "It had been clear for some time that Dubai World was in trouble.
"The outlook is now far more uncertain."
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This article has 1 comment
Dubai will be fine......Their problems fade into insignificant compared to this countries........
By Allan.. Posted November 29 2009 at 9:45 AM.