Abu Dhabi President denies rumours that his government will buy Dubai companies

Nicosia, Mar 19 (ANI): Shaikh Khalifa Bin Zayed Al Nahyan, the President of Abu Dhabi, has denied rumours that his government wishes to acquire companies owned by the Dubai Government.

He attributed the rumours to misinterpretations about the relations between the emirates and stressed that the impact of the global financial crisis on the national economy had been exaggerated.

"Any proper economic procedure must enjoy a great deal of transparency and this is what we are keen about when dealing with the impacts of the crisis," Shaikh Khalifa told Alrroya daily.

He stressed he believed that the financial institutions of the Emirates would be able to contain the impact of the crisis and maintain UAE's position on the world investment map.

The government would support them if necessary, encouraging individual initiative and the free market.

"Although we are victims of the global financial crisis and are paying a price, we have worked with the international community to help the countries hit by this crisis.

We have also worked within the Gulf Cooperation Council (GCC) towards shaping a collective position on the crisis.

Saudi Arabia had been delegated to state this position at the G20 Summit in Washington in December 2008," Shaikh Khalifa said.(ANI)