Kuwait offers help to UAE debt

Kuwait's foreign minister says the oil-rich emirate is ready to help its debt-saddled neighbor, the United Arab Emirates.

Speaking to reporters at the close of the annual Gulf Cooperation Council Summit Tuesday, Mohammed al-Salem Al Sabah said he had called his Emirati counterpart personally and offered any assistance necessary.

Though Kuwait was one of the harder hit countries in the Gulf by the global financial crisis, the U.S. ally still has substantial reserves and has announced more than $8 billion in development projects for next year.

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