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Sovereign Wealth Funds Briefing - Categorized | Fund Management/Administration, Investment

Abu Dhabi will aid Dubai pay debts if needed, says Citigroup

Posted on 30 October 2008

From Gulf-times.com: Abu Dhabi, which holds almost 8% of the world’s oil reserves, is likely to help Dubai pay its debts if the second-largest country in the United Arab Emirates is unable to meet its obligations, a Citigroup official said.

“Dubai is highly leveraged, everybody knows that, but they are the second emirate in the U.A.E. and Abu Dhabi will not let Dubai go down,” said Citigroup’s managing director of Equities Middle East & North Africa Kaveh Samie in an interview in London late Tuesday. Kuwait, Abu Dhabi, Qatar and Saudi Arabia are the “safest” Gulf economies to invest in because they are the “main beneficiaries of the high oil price”, Samie said…… Full Article: Source


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