"We will respect the commitments of Dubai and approach them on a case by case. That does not mean that Abu Dhabi would cover the debts of Dubai," the official said the UAE government in Abu Dhabi told Reuters by telephone.
Dubai crisis exploded, Wednesday and then, when one of the emirs of the UAE, known for his style of "well" and has the tallest building in the world, revealed to delay payment of a debt the parent company that has angered investors and the global market crash.
Selective assistance to companies incorporated in the "Dubai Inc.," A network of industries and a half sovereign, rather than by providing open, will make investors less turbulent because of their many years konervatif rate regime succeeded in Abu Dhabi provide a safety net to neighbors who are troubled.
"A number of entities in Dubai and semi-private form of government. Abu Dhabi will be carefully selected, when and where to be helped," said the official who declined to identity because it has no right to convey information to the media.
Current concern is funding U.S. $ 59 billion in government debt which is controlled by the parent company of Dubai World and Nakheel properties business arm, which is the developer of palm tree-studded island for rich celebrities.
Dubai's Nakheel postpone debt payments up to six months in advance, through an announcement that surprised many people, a few days after a national long weekend.
World leaders including British Prime Minister Gordon Brown and Prime Minister Francois Fillon said France gobal economy is heading towards recovery after two years of financial crisis, is now strong enough to face these shocks.
As a result, the market began to recover, after banks outside the Gulf region said that they did not terpengarh by the debt crisis of Dubai.
India is a tax of 10-12 percent of its workers in the UAE, said it would continue memantai situation in Dubai, but Dubai's hope the crisis does not affect the country.
In the Gulf region itself, the details of the debt exposure of local banks in Dubai started to open to the public.
Years in business hunting wild Dubai property business, making the banks of Abu Dhabi to put its debt exposure in companies based in Dubai at least 30 percent of the total distribution of debt, senior bankers said in Abu Dhabi on Friday.
In the eyes of investors, the question is not whether Abu Dhabi will help Dubai, but rather to help when and how it performed.
Abu Dhabi, which controls 90 percent of the oil fields that make the UAE the third oil exporter in the world, has allocated about 15 billion dollars for indirect aid to Dubai by UAE central bank and two private banks in Abu Dhabi.
How much assistance is provided to neighboring Abu Dhabi, which is in debt, will depend on how Dubai to explain his attitude toward the questions that can not handle.
"Until everything is clear, it is very difficult to make a decision to invest further in bonds. Many things must be explained Dubai," said the UAE's official.
Supervision
UAE central bank revealed that they continue to look at all developments to ensure none of the efforts that could damage the national economy, said a spokesman for the UAE central bank said Sunday.
"The central bank was monitoring the developments with great care to ensure that no negative impact on UAE economy," the spokesman told Reuters by telephone.
Constitutionally, each Emirate or the emirate (state) in the UAE is a separate legal entity in a loose federation, and each control of natural resources and finances.
The federal government is not a guaranteed entry into the sources of that power, nor the right to take on debt-emirates emirates that.
As part of the restructuring program of Dubai, investors have been informed of the breakdown of sukuk bonds pay 3.5 billion dollars worth of U.S. property developer Nakheel, which will mature on December 14 the future.
Dubai World debt reached 59 billion U.S. dollars as of August 2009, making Dubai a maximum total debt reached 80 billion U.S. dollars.
Credit exposure of international banks in the relevant institutions of Dubai World could reach 12 billion U.S. dollars, in the form of syndicated debt and bilateral loans, said a banking source told Thomson Reuters LPC.
Statement of the Dubai government is expected later on Monday delivered, when the market reopened after the long holiday Eid al-Adha. (AntaraNews)
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