Director General of the Dubai Finance Department, Abdul Rahman AlSaleh, has issued a clarification to the market.
The crisis is now officially over. Time to be "quiet". I mean just how many times do people have to be told.
The sad thing (a profoundly sad thing for that matter) is that some "sober" bankers and investors actually thought they had government guaranteed paper when they made their loans and investments. And that they had a "Greenspan put" to the nice sheikh up the road in Abu Dhabi.
And perhaps even more distressing, they will do this yet again in some other venue.
"But, the government owns it and it undertakes 'strategic' projects".
It's a general rule of business - I suppose - that government entities always undertake strategic projects, like hotels that are uneconomic (Anyone want to buy a Burj?) or indoor skiing mountains.
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