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’The shifting sands of UAE bank capital
Here’s some useful data from ratings agency Fitch – a breakdown of how the capital of banks in the United Arab Emirates is likely to be impacted by the Dubai World debt restructuring.
It’s basically an updated version of Fitch’s capital sensitivity test for UAE banks,
Could the Dubai debacle trigger a Dirham devaluation?
Highly unlikely, is the sensible answer.
The UAE dirham, which has been pegged to the US dollar at a rate of 3.6725 since 1997, has the full faith and wallet of the state of Abu Dhabi behind it.
With Abu Dhabi estimated to have billions of dollars of foreign currency reserves,
UAE push to head off debts damage
The United Arab Emirates on Sunday stepped in to shore up its banks and head off any potential capital flight as the nation’s authorities attempted to counter concerns over Dubai’s debt problems, the FT said.
UAE vs NewsCorp
The leaders of the United Arab Emirates don’t take too kindly to criticism, according to a report by Zawya Dow Jones:
The Sunday London Times newspaper was removed by authorities from shelves in the United Arab Emirates on Sunday amid intensive reporting of Dubai’s debt problems,
UAE: ‘the best banking model to weather the financial crisis’
Statement from the UAE central bank:
Central Bank of the UAE announced today that it stands behind UAE banks and branches of foreign banks operating in the UAE .
Central Bank has issued a Notice to UAE banks and branches of foreign banks operating in the UAE,