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    Alex I know the Dubai Inc network of companies well. Sheikh Ahmed is a hard headed businessman who made the decision to buy P&O because it made commercial sense. If the ferries arm continues to under-perform and can't be brought back to an acceptable level of profitability, it will be sold off or closed. End of. Compared to Emirates Airlines P&O is very small beer indeed but it still needs to justify its existence. That is particularly true because, as you rightly say above, Dubai Inc is largely debt-funded.

    Actually there is no such thing as the 'Emirates Treasury'. The UAE is a federation of self-governing states (albeit with a common currency) in which each has responsibility for its own financial affairs.

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