Abu Dhabi should deploy its wealth fund to support the Dubai economy, says the Merrill Lynch chief investment officer of its global private client group in Europe, Middle East and Africa.
“Abu Dhabi still has one of biggest sovereign wealth funds in the world and can support any domestic troubles,” said Gary Dugan, speaking at the launch of the bank’s research document,‘Outlook 2009: Turbo-gloom and anno horribilis’, in Dubai.
He said the falling oil price, which he believed could go as low as $30 a barrel, would put local economies under severe pressure and little relief could be expected from international markets, on which the region was heavily dependent.
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