Global General

Kuwaiti FM says ready to offer aid to Dubai debt

(Xinhua)
Updated: 2009-12-16 08:38

KUWAIT CITY: Kuwait's foreign minister on Tuesday expressed the country's offer to help Dubai out of the debt crisis.

Sheikh Mohammad Sabah al-Salem al-Sabah made the remarks at a press conference after the 30th leaders' summit of the Gulf Cooperation Council (GCC).

The foreign minister said he had told the United Arab Emirates (UAE) Foreign Minister Sheikh Abdullah bin Zayed that Kuwait was ready to provide the required assistance and support.

On November 25, the Dubai World and its main property subsidiary Nakheel asked for a six-month standstill on $59 billion in debts, which caused widespread panic and worries in the financial sector across the world.

On Monday, Abu Dhabi, the capital of the UAE, offered $10 billion in emergency funds to neighboring Dubai to aid the debt-laden Dubai World conglomerate.

The Dubai debt woe was shelved in the leaders' two-day summit and finance ministers' meeting, as concerns have been rising that the debt pile of the UAE's largest sheikdom would spill over to adjacent regions.