Dubai Gets $10B From Abu Dhabi to Cover Debt
December 14, 2009 by Trend PK
Filed under Business News
DUBAI: Dubai’s government says it has received $10 billion in emergency funds from oil-rich neighbor Abu Dhabi that will go toward paying debts owed by its struggling Dubai World conglomerate.
Some $4.1 billion of the money will be used to pay off a pile of debt from Dubai World’s Nakheel property division that comes due Monday.
Dubai’s ability to repay those funds had been seen as a key test of the debt-laden emirate’s creditworthiness.
The UAE central bank, based in the federation’s capital Abu Dhabi, also says it is prepared to provide support to local banks.
was first posted on December 14, 2009 at 4:20 pm.
