Wednesday, December 2, 2009

Dubai to lose its funancial hub stattus to Abudhabi aid.

  • The debt laden Dubai is likely to be bailed out by the oil rich Abudhabi and in return Dubai is likeky to loose its financial hub status .No doubt a time for Abudhabi to cash in on the aituation.
  • Abudhabi is building a financial center just off the city's coast of Sowah island and is scheduled to be completed by 2014.
  • The emirates in control of 8% of the world's oil is buying into global banks, car manufacturers and chemical firms.
  • Abudhabi has one of the largest sovereign funds of the world worth around $627 billion.
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