Sunday 6 December 2009

The power and the glitz / Abu Dhabi resurgent over the irresponsible kid

"This strategy embodies our ambitious vision to take our policy to new heights," Caliph bin Zayed Al Nahyan, ruler of the United Arab Emirates, declared grandly in 2007. But while aiming to lead the people to new horizons, the values on which the nation had been founded would be preserved, he said.

The caliph's words accompanied a PowerPoint presentation by Sheikh Mohammad bin Rashed al Maktoum, vice-president of the UAE and Emir of Dubai.

Maktoum hoped to broaden cooperation among the seven emirates comprising the UAE in education, economics, environment, infrastructure and law, empowering the federal government and blurring differences between the emirates.

This week, after Dubai World admitted to difficulty repaying about $59 billion in debt, Maktoum's strategy faces one of its stiffest tests: Will the federal government agree to guarantee the debts or pay part of them? Or will it leave Dubai to lose its assets?

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