Abu Dhabi: Heck No, We're Not Bailing Out Dubai

Dear creditors of Dubai World: don’t come begging for cash from Abu Dhabi.

At least, that seems to be the message.

Reuters: Abu Dhabi, wealthy capital of the United Arab Emirates, will “pick and choose” how to assist debt-laden neighbour Dubai, a senior official said on Saturday, after fears of a Dubai default sent global markets reeling.

“We will look at Dubai’s commitments and approach them on a case-by-case basis. It does not mean that Abu Dhabi will underwrite all of their debts,” the official in the government of the emirate of Abu Dhabi told Reuters by phone.

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