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Dubai denies media report that it is seeking support from Abu Dhabi fund Mubadala

Dubai denies media report that it is seeking support from Abu Dhabi fund Mubadala

It added that Reuters published the story without verifying the trustworthiness of its source

The Dubai government has categorically denied a media report of it being in talks with Abu Dhabi to merge assets and of receiving support from state fund Mubadala.

In a sharp rebuke issued on May 15, the Dubai Media Office tweeted: “Reuters published a story without further investigating the accuracy of this claim and verifying the trustworthiness of its source.”

It came on the same day that Reuters, citing unnamed sources, claimed: “The most likely deal to happen in the near term is a merger of the local stock markets.”

It added that any support from Abu Dhabi for Dubai would come by way of “mergers of assets where Abu Dhabi and Dubai compete directly or where they have joint ownerships.”

Reuters further claimed that Mubadala would make “a big move into Dubai”.

On May 13, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, said that the UAE may merge some of its ministries as part of a government restructuring post-coronavirus period.

Read: UAE may merge ministries post-coronavirus – Sheikh Mohammed

“We will review the structure and size of the government and we may merge ministries and change entities,” he said on Twitter.

“We need a government that is more agile, flexible, and fast to keep pace with new and different national priorities,” he added.

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