UAE officials discuss bond issuance and inter‑Emirate financial cooperation

satisfaction and optimism around the world, and reflected positively on all the nations including the UAE, which has always had a strong, multi-potential and diverse economy. Al Hayat Newspaper - Shafiq Al Asadi The Federal Government has taken swift action to deal with the crisis, but many observers say that these actions are not sufficient to help the UAE, and Dubai in particular, to be free of the crisis? The actions that we took at the Federal Government were really fast, well thought-out to respond to the issues and to overcome the negative effects of the global crisis. Having said that, our economy has shifted from the crisis mode to the solution. Of course, we are monitoring and following up our situation and the development of all the economic sectors through federal and local specialized committees, just as we follow developments in the global economy and international markets. We thank God; most of the indicators seem positive now and call for optimism. However, should we face future developments further actions, then we won’t sit back. Al Hayat Newspaper - Shafiq Al Asadi When Du bai launched the $20 billion bonds and the UAE Central Bank subscribed in it with $10 billion, it was interpreted as help from Abu Dhabi to Dubai to get out of the crisis. How do you evaluate this action by the UAE Central Bank, and what about the second tranche of the bonds, which would another $10 billion? When Dubai launched the $20 billion bonds and the UAE Central Bank subscribed in it with $10 billion, it was interpreted as help from Abu Dhabi to Dubai to get out of the crisis. How do you evaluate this action by the UAE Central Bank, and what about the second tranche of the bonds, which would another $10 billion?It seems that people are not aware of the life realities in the United Arab Emirates. Well, I welcome this interpretation because it emphasizes the depth of ties among the Emirates and ensures the strength of our Central Bank and its confidence in Dubai’s economy. We have announced bonds totaling $20 billion, raised half of it as a public offering, then the Central Bank subscribed to the full amount; we will pay an annual interest rate of 4 percent annually on the five-year coupons. What we put forward, meets our needs at this stage. Should we need the second part — that is, $10 billion -- we will then announce it to the public; we know that it will be of interest to many. Al Hayat Newspaper - Shafiq Al Asadi There are talks that Dubai would be selling few20state owned companies and that Abu Dhabi will be its partner in many projects in place or under implementation. What is the truth in this? These rumors and speculations turned into news and headlines in several prominent international newspapers. Rest assured that between Abu Dhabi and Dubai, there is no buying and selling. Everything in Dubai belongs to Abu Dhabi and Dubai and the rest of the UAE, and all that is in Abu Dhabi belongs to Dubai and Abu Dhabi, and the rest of the UAE. Let me remind you about what The President, His Highness Sheikh Khalifa bin Zayed Al Nahyan, said last month about this matter. He said that the impact of the current global financial crisis on the national economy of the United Arab Emirates has been misunderstood and exaggerated. He said that the relationship between members of the UAE Federation has been misrepresented. “We are ... one strong, coherent body. As for the measures taken (at) the federal or local level, to address the HOUSE_OVERSIGHT_024934