Thursday 3 March 2011

FT.com - UAE offers poor states $1.5bn

The United Arab Emirates has responded to growing unrest in the Gulf with a pledge to invest more than $1.5bn in utilities infrastructure in the poorer members of the federation of seven emirates.

The investment comes after Sheikh Mohammed bin Zayed, crown prince of oil-rich Abu Dhabi, last month toured the northern emirates, which are smaller and less wealthy than the capital Abu Dhabi and commercial hub of Dubai.

The move is the latest in a string of public sector investments, subsidies and other handouts in the Middle East as governments respond to the wave of youth unrest sweeping the region.

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