UAE divided on national day

Abu Dhabi and Dubai work on rebuilding financial ties on national day.

    Dubai's debt problems clouded national day celebrations in the United Arab Emirates where a shaken financial community is trying to solve its financial crisis.

    Dubai's request for a payment delay on $26 billion of debt owed by Dubai World exposed the frailties of "quasi-sovereign" lending as the country marked its 38th anniversary.

    The request has also provoked questions about whether Abu Dhabi, the oil-producing powerhouse of the seven-emirate federation, will rescue its ambitious neighbour.

    Dubai's government has made clear it will not guarantee the debts of Dubai World, the financial group which already has at least $60 billion in liabilities overall, including those of units not included in the restructuring.

    Al Jazeeras Dan Nolan reports on how the two cities work on rebuilding ties.

    SOURCE: Al Jazeera


    YOU MIGHT ALSO LIKE

    Survivor stories from Super Typhoon Haiyan

    Survivor stories from Super Typhoon Haiyan

    The Philippines’ Typhoon Haiyan was the strongest storm ever to make landfall. Five years on, we revisit this story.

    How Moscow lost Riyadh in 1938

    How Moscow lost Riyadh in 1938

    Russian-Saudi relations could be very different today, if Stalin hadn't killed the Soviet ambassador to Saudi Arabia.

    We Are Still Here: A Story from Native Alaska

    We Are Still Here: A Story from Native Alaska

    From Qatar to Alaska, a personal journey exploring what it means to belong when your culture is endangered.