Official: Dubai won't need new debt bailout

DUBAI: A senior Dubai fiscal planner says he doesn't foresee the need for another debt bailout by the sheikdom's oil-rich neighbor Abu Dhabi.

Ahmed Humaid Al Tayer suggested Sunday that Dubai has made strides to restructure its debt-ridden companies and no longer will need outside help to meet debt payments.

Al Tayer, the governor of the Dubai Financial Center, joined other Dubai officials to review the state of debt-saddled emirate's finances a year after the global economic crisis put the brakes on it's white-hot growth.

Abu Dhabi stepped in with a $10 billion bailout to keep Dubai from defaulting and to calm international markets.