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  • Dubai denies being in talks with Abu Dhabi for support from state fund Mubadala

Dubai denies being in talks with Abu Dhabi for support from state fund Mubadala

Reuters earlier reported that the governments of Abu Dhabi and Dubai are discussing ways to prop up Dubai’s economy, through support from state fund Mubadala. (Reuters)
Reuters earlier reported that the governments of Abu Dhabi and Dubai are discussing ways to prop up Dubai’s economy, through support from state fund Mubadala. (Reuters)
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16 May 2020 08:05:44 GMT9
16 May 2020 08:05:44 GMT9
  • Reuters published a story without further investigating the accuracy of this claim and verifying the trustworthiness of its source

CAIRO: Dubai has denied being in talks with Abu Dhabi’s government for support from state fund Mubadala, Dubai Media Office reported on Twitter.

“The Government of Dubai denies a news report from Reuters that claims Dubai is in talks with Abu Dhabi for support from state fund Mubadala,” the Dubai emirate’s communications unit said on social media.

“Reuters published a story without further investigating the accuracy of this claim and verifying the trustworthiness of its source.”

Reuters earlier reported that the governments of Abu Dhabi and Dubai are discussing ways to prop up Dubai’s economy by linking up assets in the two emirates, citing three sources familiar with the matter.

The wires agency also quoted on of its sources as saying that any support from Abu Dhabi agreed now would be “orchestrated through mergers of assets where Abu Dhabi and Dubai compete directly or where they have joint ownerships”.

“The most likely deal to happen in the near term is a merger of the local stock markets,” the source said, adding that bank mergers were also possible.

A second source confirmed the talks and said Mubadala, which manages around $230 billion in assets, would make “a big move into Dubai”, but gave no details.

Reuters

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