The Dubai government has said it will not guarantee the debt of Dubai World which caused global panic because it cannot pay back creditors immediately. The statement came after stock markets in Dubai and Abu Dhabi saw sharp falls. The Finance Minister Abdulrahman al-Saleh has said that the creditors think Dubai World is part of the government, which is not correct. Abu Dhabi's main stock market lost a record 8.3 per cent while Dubai dropped 7.3 per cent. Mar al-Saleh told Dubai Television that creditors need to take part of the responsibility for their decision to lend to the companies. The central bank of the United Arab Emirates (UAE) has said it is setting up a facility to provide banks with extra liquidity, as it seeks to battle perceptions that Dubai cannot support its own companies.