Or did they?  It sure sounds that way....

First, the Government of Abu Dhabi and the UAE Central Bank have agreed to provide important support.

Specifically, the Government of Abu Dhabi has agreed to fund $10 billion to the Dubai Financial Support Fund that will be used to satisfy a series of upcoming obligations on Dubai World.

You'll bail out the immediate maturing bond (you can call it a "sukuk" if you want; I call it a dodge to "comply" through fraudulent means a claimed absolute ban on the charging of interest, but then again, I tend to view anyone who creates artifices like "sukuk" as a fraudster.)

As a first action for the new fund, the Government of Dubai has authorized $4.1 billion to be used to pay the sukuk obligations that are due today. The remaining funds would also provide for interest expenses and company working capital through April 30, 2010 – conditioned on the company being successful in negotiating a standstill as previously announced.

In addition, the Government of Dubai is particularly focused on addressing the concerns of Dubai World trade creditors within the Emirate of Dubai. To help address these concerns, today the Government of Dubai is announcing that the remainder of the funds provided will be used for the satisfaction of obligations to existing trade creditors and contractors. Discussions with affected contractors will begin in short order.

Discussions eh?  Uh, what's there to discuss?  You have an invoice for completed work, why not just pay it?  Why do I get the feeling that the "discussion" will be over what percentage of those invoices you will pay?

Second, read that bolded part.  If you're a creditor inside Dubai you will obtain protection in some form.  If you're a Japanese, European or American contractor you're not inside Dubai and from the black-letter of this press release you are entitled to and will receive exactly nothing.

Next, the central bank is also prepared to provide support to local UAE banks.

But only local UAE banks.  Everyone else can go stuff, right?  Since most of the lending wasn't by UAE banks.....

Finally, today the Government of Dubai will announce a comprehensive reorganization law, a framework that is based upon internationally accepted standards for transparency and creditor protection. This law will be available should Dubai World and its subsidiaries be unable to achieve an acceptable restructuring of its remaining obligations.

Oh really?  Is the King's Land going to be subject to seizure?  I doubt it.

Let's face the facts about Dubai - you've run an effective slave labor camp over there for the last decade - a practice that supposedly disappeared worldwide in the 1800s. 

But in point of fact, effective human trafficking and slavery have not ended.  It was, however, the necessary condition for "Dubai World" and its similar adjuncts to be a viable economic entity, given that Dubai has zippo for natural resources (unless you count the raw material for high-quality glass to be a natural resource, although it is not exactly in short supply - or expensive) and was entirely reliant on conspicuous consumption of oil revenue - which incidentally also seems to all belong to what amounts to absolute monarchies and those who they have enabled - for its continued "prosperity."

We are here today to reassure investors, financial and trade creditors, employees, and our citizens that our government will act at all times in accordance with market principles and internationally accepted business practices. Dubai is, and will continue to be, a strong and vibrant global financial center. Our best days are yet to come.

Do those "best days" continue to include dumping raw sewage - complete with the condoms used by your Islamic friends who use Dubai as a place where they can ignore Islamic Law (provided you're one of the privileged rich) a few hundred yards from your "pristine" beaches?

Go have another hit off your hookah Sheikh.  Your vision of a "global financial center" for those with too much money and too few brain cells will eventually be reclaimed by the desert, as it should be.

I continue to believe that the "infidels" will get hosed, and as noted above, there are plenty of weasel-words in your "statement" to keep anyone from claiming you lied through you teeth when the unilateral imposition of haircuts - against all but UAE-aligned interests, of course - begin.