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Monday, December 14, 2009

Abu Dhabi gives Dubai $10 billion to cover debt

Source: Associated Press

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.
LinkHere
Dubai gets $10 billion from Abu Dhabi to pay Nakheel bond
http://www.marketwatch.com/story/dubai-gets-10-billion-...

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