Abu Dhabi’s £12 Million Fireworks Display
Whilst Dubai reels from it’s near economic collapse it’s neighbor Abu Dhabi is clearly has fewer money worries. December the 2nd was the UAE’s 37th ‘National Day’ and whilst Dubai’s festivities were over shadowed by recent events Abu Dhabi celebrated in style. Unsurprisingly this opportunity to show off was not over looked, a 55 minute, £12 million firework display was the highlight of the event. The display was the biggest and most expensive ever seen in order to ” showcase the city of Abu Dhabi and all its glorious vision to a world audience”.
There has been questions raised lately about weather Abu Dhabi will step in to offer help prevent Dubai from suffering further economic woes. Abu Dhabi’s ruler Sheikh Khalifa bin Zayed Al Nahyanhas said that the national economy was in good shape but made no reference to Dubai’s problems. The UAE’s markets have been badly effected by the announcement on November the 25th that Dubai World may need to sell assets in order to pay back debts.
“Most of Dubai World loans range from three to five years, whereas the projects that were financed range from 25 to 30 years. The difference between the finance terms and carrying out the projects led to this crisis.”
Abdul Rahman al-Saleh, director-general of Dubai’s finance department
Filed under: finance, travel | Leave a Comment
Tags: adu dhabi, debt, dubai, finance, national day, travel