Dubai Gets $10B From Abu Dhabi to Cover Debt

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.