Dubai's government has announced it has been given a US dollar10 billion dollar handout from Abu Dhabi to help it pay off its debts. It will use 4.1 billion dollar of the money to bail out the government-owned investment company Dubai World. The company's property development operation Nakheel needed the money to pay investors in an Islamic bond due to mature on Monday. Dubai has been badly hit by the global downturn. The money from Abu Dhabi will be used to help the country meet its short-term financial commitments.
News On AIR | December 14, 2009 12:33 PM
Dubai gets US dollar 10 billion from Abu Dhabi