Paris Fist Pump Eases Dubai Debt Worry as Deadline Nears - Bloomberg:
"Pumping his fist into the Paris air, Sheikh Abdullah bin Zayed Al Nahyan, an Abu Dhabi royal, celebrated the award of the 2020 World Expo to Dubai. A Dubai counterpart returned the favor three weeks later, hailing Abu Dhabi’s role in securing the event.
The backslapping late last year signaled the ever-closer relationship between the sheikhdoms at the core of the seven-member United Arab Emirates, one a fast-paced finance hub, the other the more conservative seat of political power. It’s also easing concerns over how Dubai will resolve $30 billion of debt maturing this year, two-thirds of which Abu Dhabi stumped up to prevent a default as the 2009 crisis froze credit markets.
“Better ties mean the refinancing or rollover process will likely go smoothly,” said Montasser Khelifi, a senior manager at Quantum Investment Bank Ltd. in Dubai. “There will be more confidence in Dubai credit, and more participation in its refinancing going forward.”"
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