Dubai has denied media reports stating that the emirate is in talks with Abu Dhabi for support from state fund Mubadala in order to soften the financial set back triggered by the coronavirus. 

Dubai Media Office stated that the report by Reuters, which suggested mergers of the local stock markets, was inaccurate.

Dubai's Media Office in its official Twitter account said: "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.”

Real estate, retail, travel and tourism sectors, which drive Dubai's economy are facing an unprecedented crisis due to the several restrictions imposed to contain the coronavirus.

In order to prop up the ailing sectors, the UAE Central Bank in the first week of April, doubled the size of its stimulus package to 256 billion dirhams and allowed financial institutions in the country to extend deferrals of principal and interest payments to their customers until December 31, 2020.

(Writing by Seban Scaria, editing by Daniel Luiz)


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