BREAKING NEWS

Official says Dubai won't need debt bailout by Abu Dhabi

By ASSOCIATED PRESS

NOVEMBER 28, 2010 13:56

DUBAI, United Arab Emirates — A senior Dubai fiscal planner said Sunday that he doesn't foresee the need for another debt bailout by the sheikdom's oil-rich neighbor Abu Dhabi.

Ahmed Humaid Al Tayer suggested that Dubai has made strides to restructure its debt-ridden companies and no longer will need outside help to meet debt payments.

Al Tayer, the governor of the Dubai Financial Center, joined other Dubai officials to review the state of debt-saddled emirate's finances a year after the global economic crisis put the brakes on it's white-hot growth.

Abu Dhabi stepped in with a $10 billion bailout to keep Dubai from defaulting and to calm international markets.

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