"Dubai and Abu Dhabi plan to merge their state aluminium producers in a $15 billion deal that suggests the two emirates are willing to consolidate business interests to better compete in the global economy.
Combining Dubai Aluminium (Dubal) and Emirates Aluminium (Emal) to create the world's fifth-largest aluminium producer goes against the grain for the two wealthy Gulf emirates, which for decades have built competing interests in sectors ranging from stock markets to ports and airlines.
But the global financial crisis dealt a blow to Dubai's breakneck economic expansion and the free-wheeling city state found its fortunes more closely entwined with those of its oil-rich neighbour in 2009, when Abu Dhabi stepped in with a $10 billion bailout that allowed Dubai to avoid a debt crisis."
'via Blog this'
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