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.