David Blackburn

The coming sandstorm

The coming sandstorm
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The FT’s Alphaville blog has published a table detailing foreign banks’ exposure in the UAE. Look away now because it’s horrific.

Of course not all of this lending was to Dubai, but those sort of funds are unlikely to be required by Abu Dhabi, with its gigantic oil profits and £900bn wealth fund. If Abu Dhabi doesn’t bail out its ailing partner, you can bet your bottom dollar who will.