Dubai government has announced that Government of Abu Dhabi and the UAE Central Bank have agreed to provide important financial support. In a statement, the Chairman of the Dubai Supreme Fiscal Committee, Sheikh Ahmad bin Saeed Al Maktoum has said that the Government of Abu Dhabi has agreed to fund 10 billion dollars to the Dubai Financial Support Fund that will be used to satisfy a series of upcoming obligations on Dubai World. He added that the Government of Dubai has authorized 4.1 billion dollars to be used to pay the obligations that are due on Monday. The remaining funds would also provide for interest expenses and company working capital through April 30, 2010. The statement says that in addition to this, the Government of Dubai is particularly focused on addressing the concerns of Dubai World trade creditors within the Emirate of Dubai and the remainder of the funds provided will be used for the satisfaction of obligations to existing trade creditors and contractors. The Government of Dubai has also said that it will announce a comprehensive reorganization law, a framework that is based upon internationally accepted standards for transparency and creditor protection.
News On AIR | December 14, 2009 2:32 PM
Govt. of Abu Dhabi and UAE Central Bank agree to support Dubai