Politics & Risk

Politics and political risk
First to report that Abu Dhabi will not offer unconditional support to neighbor Dubai

First to report that Abu Dhabi will not offer unconditional support to neighbor Dubai

Reuters was alone from Abu Dhabi on Nov 28 with a senior government official saying the wealthy capital of the United Arab Emirates would pick and choose how to assist Dubai through a debt crisis. The official ruled out writing a blank check for Dubai, whose rapid expansion has piled up debts it is now struggling to pay. The news contributed to a 7.3 percent fall in Dubai stocks and a record 8.3 percent fall in Abu Dhabi stocks when markets reopened on Monday. International media including Bloomberg were forced to quote the Reuters story.

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