Emotions have been running high with a potential run on the banks being diverted by the Central Bank offering capital to the 'local' banks to the eventual 'gift' of $10bn being sent down Sheikh Zayed road in a very large wheel barrow. I know some of you have been missing Dave so I thought I would post the last picture we managed to get of him...
This money has been given at the last minute and it is probably fair to say that in addtion to the banks having to sweat it out for a couple of weeks Abu Dhabi have done a pretty good job of making Dubai taste a large slice of humble pie too.
My view on this( with hind sight) is that there has been the annual GCC summit this week held in Kuwait where it would have been impossible for the UAE not to stand side by side and re affirm its unity. Yes they took it to the wire but Abu Dhabi has delivered and The World financial institutions have been given a huge shot of confidence which will now allow Dubai to sit with the Banks from a position of strength and renegogiate future bonds that are due to mature. I am sure all bonds will not get paid quite so easily but this is normal and now that Dubai is back in the game, and has bought in Deloitte's to advise on the restructuring required, I am confident again that Abu Dhabi and Dubai have shown the unity expected of them.
Question to you all. Name the three islands off the UAE that are giving the UAE the most regrets ?
Answer. Greater Tunb, Lesser Tunb and Abu Moussa.
These three islands have been occupied by Iran and the GCC yesterday reiterated that soveriegnty belonged to the UAE. I suspect we won't see another Falklands war breaking out but atleast it wasn't the three islands you were thinking of.
