CAIRO, Egypt (AP) -- The United Arab Emirates is moving to allay concerns about Dubai's battered property market and the city-state's debt-load.
The chairman of UAE property developer Emaar Properties says the government will stand behind state-run companies shouldering the brunt of Dubai's roughly $80 billion debt.
Mohammed Ali Alabbar spoke Monday at a conference in Dubai. A copy of his comments was made available to The Associated Press.
The remarks signal the federal government may be moving to bail out debt-laden Dubai. The emirate has been enjoying a property boom, but is now struggling with the global credit crisis.
Alabbar also heads a Dubai committee that deals with the financial crisis' impact. He says more mergers could come.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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