UAE: Dubai Issues Bonds

Hit hard by the global financial crisis, Dubai issued bonds on Feb. 22 as a means to raise $10 billion in cash to meet its financial obligations, which were bought by the United Arab Emirates' central bank. Although Dubai is attempting to avoid taking loans from the UAE's wealthiest emirate, it cannot prevent dependency on Abu Dhabi because of that country's control of the central bank. This is just the first step in the process of Abu Dhabi gaining influence over Dubai, and how far it goes depends on the duration of the international financial crisis.