According to a report by Reuters, the United Arab Emirates’ foreign minister said on Thursday, “the economic crisi in Dubai is over”.
Given the $10 billion bailout announced earlier this week from Dubai’s wealthier brother – Abu Dhabi, the crisis in Dubai s now over.
Sheikh Abdullad added. “It is also proof that UAE remains committed toward local government to deal with effects of the global economic crisis.
“I believe the (global) crisis will be behind us once the United States recovers, and we believe the United States is recovering, which will reflect on other countries.”
On November 25 Dubai World freaked out markets around the globe as it demanded creditors for a standstill in debts totalling some $26 billion.
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