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UAE gov’t backs Dubai; Abu Dhabi help may lag
The UAE finance minister said the federal government would support the emirate as it negotiates a plan to restructure $26 billion in debt and said he expected a deal to be finalised soon. State-owned conglomerate Dubai World is holding informal talks with major creditors, which include HSBC and Standard Chartered, in London this week as it finalises a deal.
Asked whether the federal government would support Dubai, Sheikh Hamdan bin Rashid al Maktoum said: “Of course. Dubai is part of the federation.”Sheikh Hamdan, who is also deputy ruler of Dubai, said the emirate had not yet approached the federal government for aid. “The federation hasn’t reached that far, but the Emirates are one entity and things will be resolved soon, God willing,” he told reporters on the sidelines of a conference.
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