- Title: WEST BANK: Economic crisis in Dubai over, says United Arab Emirates FM
- Date: 18th December 2009
- Summary: NABLUS, WEST BANK (DECEMBER 17, 2009) (REUTERS) SIGN READING IN ARABIC "THE MINISTRY OF HEALTH AND THE RAFIDIA HOSPITAL WELCOME THE PRESIDENT OF PALESTINE MAHMOUD ABBAS, ABU MAZEN" PALESTINIAN PRESIDENT MAHMOUD ABBAS' CONVOY ARRIVING AT HOSPITAL PALESTINIAN PRESIDENT MAHMOUD ABBAS AND THE UNITED ARAB EMIRATES FOREIGN MINISTER SHEIKH ABDULLAH BIN ZAYED AL-NAHAYAN, ENTERING HOSPITAL (SOUNDBITE) (Arabic) UNITED ARAB EMIRATES FOREIGN MINISTER, SHEIKH ABDULLAH BIN ZAYED AL-NAHAYAN, SAYING: "The economic crisis in Dubai is over." VARIOUS OF PEOPLE IN THE HOSPITAL (SOUNDBITE) (Arabic) UNITED ARAB EMIRATES FOREIGN MINISTER, SHEIKH ABDULLAH BIN ZAYED AL-NAHAYAN, SAYING: "There was news two days ago that Abu Dhabi and Dubai governments agreed to give 10 billion U.S. dollars to Dubai's government, and this reflected the Emirates stock markets on the world's grade. It is also proof that UAE remains committed towards local government to deal with effects of the global economic crisis. I believe the (global) crisis will be behind us once the United States recovers, and we believe the United States is recovering, which will reflect on other countries. The huge economic country must recover from it, so (that) the other countries will recover." PEOPLE INSIDE THE HOSPITAL GATHERING TO WELCOME AL-NAHAYAN AND ABBAS
- Embargoed: 2nd January 2010 12:00
- Keywords:
- Topics: Finance
- Reuters ID: LVAAGZ4S9VAPPREV8ZOFGM5KEBE6
- Story Text: The foreign minister of the United Arab Emirates says the economic crisis in Dubai has ended.
The economic crisis in Dubai is over, Sheikh Abdullah Bin Zayed al-Nahayan, the United Arab Emirates foreign minister said on Thursday (December 17) during a visit to the West Bank.
"The economic crisis in Dubai is over," Al Nahayan told Reuters in the West Bank city of Nablus.
Al-Nahayan also said that the 10 billion U.S. dollar aid package this week from the wealthiest emirate Abu Dhabi to Dubai had proved the unity of the Emirates.
"It is also proof that UAE remains committed towards local government to deal with effects of the global economic crisis," he added.
"I believe the (global) crisis will be behind us once the United States recovers, and we believe the United States is recovering, which will reflect on other countries," al-Nahayan said.
Dubai World rocked global markets on November 25, when it asked creditors for a standstill in debt mainly linked to its two property firms, Nakheel and Limitless World.
Abu Dhabi came to Dubai's aid on Monday, (December 14), several days after state-owned conglomerate Dubai World asked creditors for a delay on payments of debts totalling some 26 billion U.S. dollars.
The UAE safety-net, in the form of bonds to head off a bond default, cheered Gulf and global markets but raised questions about the undisclosed terms. - Copyright Holder: REUTERS
- Copyright Notice: (c) Copyright Thomson Reuters 2011. Open For Restrictions - http://about.reuters.com/fulllegal.asp
- Usage Terms/Restrictions: None
