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UAE Backs Dubai Banks

Central bank steps in to reassure jittery markets

By Polly Davis Doig,  Newser Staff

Posted Nov 29, 2009 11:20 AM CST
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(Newser) – The UAE got behind domestic and foreign banks in troubled Dubai today, with its central bank setting up a "liquidity facility" on the eve before battered global markets were to re-open after a holiday break. The move was widely seen as countering the perception that Dubai might be the first global domino to fall, with the bank stressing that the UAE's banking system is "more sound and liquid than a year ago."

“Dubai could be the beginning of a series of sovereign debt issues or crises,” one trader tells the New York Times. “What Dubai is going to do is make people think more intensely about the lagging implications of last year’s crisis. It’s going to be a wake-up call to the people who thought that the financial crisis was just a flesh wound.”

With Burj Dubai, world's tallest under construction tower in background, camels look for their morning food in the outskirts of Dubai, United Arab Emirates, Saturday, Nov. 28, 2009.
With Burj Dubai, world's tallest under construction tower in background, camels look for their morning food in the outskirts of Dubai, United Arab Emirates, Saturday, Nov. 28, 2009.   (AP Photo/Kamran Jebreili)
Burj Dubai, the world's tallest tower, which is under construction, will be open in January 2010 in Dubai, United Arab Emirates, Thursday, Nov. 26, 2009.
Burj Dubai, the world's tallest tower, which is under construction, will be open in January 2010 in Dubai, United Arab Emirates, Thursday, Nov. 26, 2009.   (AP Photo/Kamran Jebreili)
In this Nov. 17, 2009 file photo Sheikh Mohammed bin Rashid Al Maktoum, United Arab Emirates Prime Minister and ruler of Dubai, center, visits the Air show in Dubai, United Arab Emirates.
In this Nov. 17, 2009 file photo Sheikh Mohammed bin Rashid Al Maktoum, United Arab Emirates Prime Minister and ruler of Dubai, center, visits the Air show in Dubai, United Arab Emirates.   (AP Photo/Farhad Berahman-FILE)
A metro train passes by Jumairah Lake Towers in Dubai, United Arab Emirates Thursday Oct. 15, 2009.
A metro train passes by Jumairah Lake Towers in Dubai, United Arab Emirates Thursday Oct. 15, 2009.   (AP Photo/Kamran Jebreili)
Members of the media are silhouetted against the fireworks at the Atlantis resort in Dubai, Thursday, Nov. 20, 2008.
Members of the media are silhouetted against the fireworks at the Atlantis resort in Dubai, Thursday, Nov. 20, 2008.   (AP Photo/Joel Ryan)
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COMMENTS
Showing 3 of 5 comments
divetrader
Nov 30, 2009 12:32 PM CST
Wow! I must have missed the announcement that the recession is over. Can someone please let those poor slobs know. (You know, the 15% to 25% of the population that is unemployed or underemployed).
Derni
Nov 30, 2009 2:40 AM CST
It could be over here//but with an international market wew're at the mercy of other countries//rememebr//it was the conservatives that put us where we are today..and since you spent 8 yrs digging this hole don't expect us liberals to get you out in 1 yr..immediate gratification is fior children
Robert_Dada
Nov 29, 2009 11:34 AM CST
You are the biggest f*cking total assh*le that has ever slithered its slimy undercarriage across what us sentient people would call "Planet Earth". Happy Thanksgiving meathead.
Money • World

 
Dubai • Abu Dhabi • liquidity • Dubai World • UAE • Dubai debt crisis

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