The economic crisis in Dubai is “over” and should no longer be a cause for alarm, said the foreign minister of the United Arab Emirates, Sheikh Abdullah bin Zayed Al Nahyan.

All seven sheikhdoms in the UAE are determined to deal with the consequences of Dubai’s debt problems, the minister said while attending a cultural event in the West Bank city of Nablus.

Abu Dhabi, the largest emirate in the UAE., on Dec. 14 provided $10 billion to help Dubai’s state-owned Dubai World avoid defaulting on a $4.1 billion bond payment.

Dubai World shook markets worldwide when it said on Nov. 25 that it was seeking a “standstill” on debt payments.