Dubai: The Dubai government said it was not responsible for the debts of Dubai World, dealing a blow to creditors' assumptions that the Arab emirate would guarantee the conglomerate's liabilities.
"Creditors need to take part of the responsibility for their decision to lend to the companies," said Abdulrahman al-Saleh, director general of Dubai's Department of Finance. "They think Dubai World is part of the government, which is not correct."
Image: A billboard bearing a picture of Dubai's ruler Sheikh Mohammed binRashed al-Maktoum (bottom), vice president and prime minister of theUnited Arab Emirates, is seen outside the Emirates Twin Towers in theGulf emirate
Image courtesy: AFP