KUDOS TO DUBAI AND ABU DHABI FOR EXCELLENT

UNCLAS STATE 130560

SENSITIVE
SIPDIS
FOR AMBASSADOR OLSON FROM EEB ASSISTANT SECRETARY JOSE W. FERNANDEZ
NEA/ARP FOR BRIDGET MCGOVERN

E.O. 12958: N/A
TAGS: ECON EFIN EINV ETRD PREL AE
SUBJECT: KUDOS TO DUBAI AND ABU DHABI FOR EXCELLENT
REPORTING

REF: A. DUBAI 52

B. ABU DHABI 189

C. DUBAI 111

D. ABU DHABI 464

E. DUBAI 253

F. DUBAI 275

G. DUBAI 392

H. DUBAI 491

I. ABU DHABI 1114

J. DUBAI 516

K. DUBAI 533

L. ABU DHABI 1149


1. (SBU) EEB appreciates Embassy Abu Dhabi's and Congen
Dubai's timely, consistent, and astute reporting on the
recent Dubai World debt crisis and related financial events.
These cables have been extremely helpful in laying out the
broader political and economic policy challenges posed by the
debt crisis. The Posts have leveraged their broad-based and
often high-level contacts to provide context and insight not
available from external sources. Individual officers have
also been very responsive in answering follow-on queries.


2. (SBU) Reftels comprise a valuable stream of reporting that
flagged nearly a year ago how Dubai World's subsidiary
Nakheel was experiencing problems meeting its debt
obligations -- long before the story was widely covered in
the media. The candor provided to Post about the oversight
of state-owned firms (like Dubai World) was insightful and
suggests excellent cultivation of sources in the field. A
full two months prior to Dubai World's "default"
announcement, the Posts had effectively highlighted and
framed the issue for Washington: whether Dubai's government
and state-owned entities would face the music and resolve
their debt problems, or rely on a bailout from Abu Dhabi.


3. (U) Many thanks to the reporting team; please keep up the
great work.
CLINTON