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Back to Local News listFederal government says it will support Dubai
The UAE pledged its support for Dubai yesterday but said the emirate had yet to ask for federal help.
The UAE finance minister said the federal government would support the emirate as its state-owned group Dubai World negotiates a plan to restructure $26 billion in debt and said he expected a deal soon.
Dubai World is holding informal talks with major creditors, including HSBC and Standard Chartered, in London this week as it finalises a restructuring proposal.
Asked if the government would support Dubai, Sheikh Hamdan Bin Rashid Al Maktoum said: “Of course. Dubai is part of the federation,” adding the emirate had not yet asked for aid.
“The federation hasn’t reached that far but the Emirates are one entity and things will be resolved soon, God willing,” he said.
“The whole thing is that... companies are in arre-ars. These companies are not the whole country,” he added.
UAE Economy Minister Sultan bin Saeed Al Mansouri said yester-day that creditors should reach an agreement with the conglomerate.
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