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Sat 16 May 2020 11:09 AM

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Dubai denies plan to merge assets with Abu Dhabi

Media reports claimed Dubai is seeking help from state fund Mubadala to cushion economic blow of Covid-19

Dubai denies plan to merge assets with Abu Dhabi

Dubai lacks the oil wealth of Abu Dhabi and relies on sectors like retail, travel and tourism, which have suffered the majority of the consequences of lockdown measures since the start of the pandemic.

The Dubai government has denied media reports it is looking to merge its assets with Abu Dhabi through the help of state fund Mubadala in a bid to cushion the economic blow of the coronavirus.

According to a statement by the Dubai Media Office, the report by Reuters, which suggested mergers of the local stock markets, was inaccurate.

"The Government of Dubai denies a news report from Reuters that claims Dubai is in talks with Abu Dhabi for support from state fund Mubadala. Reuters published a story without further investigating the accuracy of this claim and verifying the trustworthiness of its source,” it said on its official Twitter account. 

Dubai lacks the oil wealth of Abu Dhabi and relies on sectors like retail, travel and tourism, which have suffered the majority of the consequences of lockdown measures since the start of the pandemic.

This week it revealed a comprehensive plan to help various sectors prepare for the post-Covid-19 phase by ensuring the provision of professionals specialised in infectious diseases and linking healthcare services with academic and research institutions.

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