Middle East Economic Survey


No 4



Abu Dhabi Lifeline To Dubai Shrinks

The lifeline Abu Dhabi threw to Dubai in December to help it head off a bond default was clarified by the Dubai authorities last week as, in fact, being only $5bn in new funds, rather than $10bn. The reason for the discrepancy was that the $10bn figure was supposed to include $5bn which was originally provided in the form of bonds by National Bank of Abu Dhabi and Al Hilal Bank back in November (MEES, 30...