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Mon 11 Nov 2009UAE offers to support losers in Dubai crisis
THE CENTRAL bank of the United Arab Emirates (UAE) has said that it “stands behind” the country’s local and foreign banks, which face losses from Dubai World’s possible default, and offered them access to more money under a new facility.
The central bank sought to reassure UAE banks and foreign banks operating in the country about Dubai’s financial difficulties, sending a strong message that it was willing to provide ample liquidity and guarantee to banks.
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