Something very interesting out of the UAE
The United Arab Emirates state news agency says the head of Abu Dhabi's sovereign wealth fund — the world's largest — is missing after his glider crashed in Morocco.
The official Emirates News Agency said that Ahmed bin Zayed Al Nahyan's glider went down in a lake in Morocco on Friday. The pilot of the aircraft was rescued in good condition, but authorities continued the search for Al Nahyan.
Al Nahyan is the managing director of the Abu Dhabi Investment Authority. He is also the younger brother of Sheik Khalifa bin Zayed Al Nahyan, the leader of the United Arab Emirates.
if abu dhabi, dubai and the uae hadn't recently taken such a giant financial drubbing, a story like this would still raise significant doubts but, given recent developments, the odor is overpowering...
and you gotta believe ahmed's disappearance has some connection to the drama that's being played out between dubai and abu dhabi...
Dubai said on Thursday it would recapitalize Dubai World DBWLD.UL and repay property unit Nakheel's bonds in full, with $9.5 billion of aid in a debt offer that would promise creditors all their money back in up to eight years.
The Dubai government said $5.7 billion in funds from a previous loan made by Abu Dhabi would provide the lion's share of the funding, and that Dubai would add around $4 billion of its own resources.
Analysts had expected Abu Dhabi to step in with more cash.
Abu Dhabi gave Dubai $10 billion late last year in a two-part bailout made up of $5 billion from Abu Dhabi-linked banks in November and another $5 billion from the government.
British historian Christopher Davidson said Dubai's indebtedness to Abu Dhabi may dent its political clout in the UAE. The constitution divides power between the two emirates equally, with decisions on substantive issues requiring the support of both. The smaller emirates have less sway.
"One concern is that is nobody knows the full extent of the debt of Dubai," Davidson said. "Abu Dhabi can't sign a blank cheque, it doesn't have unlimited resources itself. It can't underwrite Dubai completely."
these people don't play nice and a great deal goes on that's shrouded in family secrecy... there have been a lot of enemies made, most of whom were either bought off or summarily disposed of...
i posted on this back in april of last year...
A video tape smuggled out of the United Arab Emirates shows a member of the country's royal family mercilessly torturing a man with whips, electric cattle prods and wooden planks with protruding nails.
A man in a UAE police uniform is seen on the tape tying the victim's arms and legs, and later holding him down as the Sheikh pours salt on the man's wounds and then drives over him with his Mercedes SUV.
In a statement to ABC News, the UAE Ministry of the Interior said it had reviewed the tape and acknowledged the involvement of Sheikh Issa bin Zayed al Nahyan, brother of the country's crown prince, Sheikh Mohammed.
"The incidents depicted in the video tapes were not part of a pattern of behavior," the Interior Ministry's statement declared.
but hey...! it's all in the family, right...? Submit To Propeller
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