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Abu Dhabi buys Gatwick stake, Dubai World unit sells SpiceJet stake

Analysis

Dubai may have found another oil field recently, but it is the neighbouring emirate of Abu Dhabi that has all the cash. Abu Dhabi provided USD10 billion in emergency funding late last year to Dubai (although recent reports suggest the figure was about half that) to help Dubai narrowly avoid a default on its massive debts. In the past few days, Abu Dhabi Investment Authority has moved to acquire a stake in London Gatwick Airport, while Dubai World's investment arm, Istithmar, sold its entire holding in Indian budget airline, SpiceJet, as part of its restructure.

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