Abu Dhabi comes to aid of neighbour

Capital of UAE gives $10bn to Dubai to help tackle its financial woes.

    Dubai's decline into financial crisis has been more spectacular than its rise.

    Until a month ago, the official word from Dubai was that the emirate's finances were in good order, but in late November world markets fell on news that the Dubai World conglomerate was unable to service $26bn in debts.

    Now Abu Dhabi has given Dubai $10bn, some of which will enable the property arm of Dubai World to pay a $4.1bn Islamic bond that has matured.

    Abu Dhabi's rescue package has highlighted the differences between its cautious approach to investment and Dubai's more brash attitude.

    Tarek Bazley reports.

    SOURCE: Al Jazeera


    YOU MIGHT ALSO LIKE

    Interactive: Plundering Cambodia's forests

    Interactive: Plundering Cambodia's forests

    Meet the man on a mission to take down Cambodia's timber tycoons and expose a rampant illegal cross-border trade.

    The priceless racism of the Duke of Edinburgh

    The priceless racism of the Duke of Edinburgh

    Prince Philip has done the world an extraordinary service by exposing the racist hypocrisy of "Western civilisation".

    China will determine the future of Venezuela

    China will determine the future of Venezuela

    There are a number of reasons why Beijing continues to back Maduro's government despite suffering financial losses.