Tuesday, January 19, 2010

Abu Dhabi's bailout of Dubai

Less than previously advertised
Dubai has revealed that half of its $10bn (£6.1bn) bail-out from Abu Dhabi was actually from a previous deal.

Abu Dhabi lent the money to its United Arab Emirates neighbour in December, averting a potential default that had severely rattled financial markets.

Dubai now says that the total included $5bn raised from Abu Dhabi in November.

The statement may raise further questions about the levels of transparency and disclosure from governments in the Middle East.
Ya think?

Read it at the BBC.

See, also, the Wall Street Journal's coverage:
The disclosure Monday cuts by 20% the funds that analysts had assumed Abu Dhabi, the capital of the U.A.E. and its financial powerhouse, had committed to Dubai over the course of last year.
...
Dubai has been criticized for a lack of transparency around the debt restructuring. In response, it announced earlier this month a new media office to coordinate the emirate's communications strategy. Ahmed Al Shaikh, director of the new office, wasn't reachable for comment Monday. A spokesman for the federal government in Abu Dhabi was unable to comment on the matter.
Dubai has engaged in such double counting in the past.

8 Comments:

Blogger AlphaDinar.com said...

Too bad Dubai already renamed the Burj! Maybe they ought to rename something else..

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