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Levey says he has flown to Dubai about 12 times over the past two years, attempting to persuade officials of the United Arab Emirates (of which Dubai forms part) to crack down. "The UAE is really grappling with the issue," he says. "The Emirates are aware of the reputational risks with dealing with Iran, and they take those risks seriously...
...United Arab Emirates government had asked Thaksin to leave because he was using their country to foment political unrest in Thailand. Thaksin initially denied he had been expelled, but told followers in his video that he was now in Switzerland because the government had been "whining" to the UAE. (See pictures of people protesting Iran's election...
...Dhabi, capital of the United Arab Emirates. Dubai's staid big brother has re-exerted political and financial control over its profligate sibling, mostly because it has an interest in Dubai's success. Dubai's port and airport are among the largest in the world, and serve the UAE's economic needs without Abu Dhabi - a 45-minute drive away - having to expand its own infrastructure...
...might not lose that much. On Monday, Abu Dhabi said it would provide $10 billion in financing to help Dubai pay off its debts. And Citi says that "although we do not comment on individual exposures, we are very comfortable with our investment across all of the UAE, which remains one of our priority markets." (See the worst business deals...
...original version of this story has been updated to reflect Citi's contention that Verme's job change was not a demotion, but a promotion, that Dubai was not a 'financial house of cards,' and that the bank is 'comfortable with [its] investment across all of the UAE.' When TIME originally asked about its operations in Dubai, Citi declined to discuss the situation in detail, or for publication...