Dubai has still $4 billion unused in Abu Dhabi Banks
Dubai has yet to use $4 billion from the loan worth $5 billion it had borrowed from Al Hilal Bank and the National Bank of Abu Dhabi PJSC in November. It sold bonds of $5 billion to the NBAD and Al Hilal, according to the statement issued by Department of Finance.
Mohamed Berro, Chief Executive Officer of the Abu Dhabi government-owned bank told, "We have done $500 million out of the $2.5 billion. The remaining $4 billion will be subscribed later." However, he expressed ignorance about when the funds would be used by Dubai.
Berro said that people must look at the strengths of oil rich Dubai despite having some issues due to global financial crisis and Dubai World's Crisis. He said that no one form Dubai has asked for more funds to the bank and the issue, if comes in the way, would be dealt sympathetically.
Mohamed Berro said that the impact of Dubai's debt crisis on Dubai's financial prospectus cannot be underestimated. Admitting some problems in the financial year 2009, Berro expressed, "The whole market has lots of questions, not just Dubai, which we are analyzing to find the exact answer."
New Zealand News
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