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Dubai gets $10 billion from Abu Dhabi to pay debts

14 December 2009 4 Comments

Posted by Sherwin

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The government of Dubai has been given a $10 billion handout from neighboring oil-rich emirate Abu Dhabi to help meet its short-term financial commitments.

The surprise move means Dubai can now repay a $4.1 billion Islamic bond that is due today.

“The government of Abu Dhabi has agreed to fund $10 billion to the Dubai Financial Support Fund that will be used to satisfy a series of upcoming obligations on Dubai World,” Sheikh Ahmad Bin Saeed Al Maktoum, Chairman of the Dubai Supreme Fiscal Committee said in a statement.

Dubai has been badly hit by the global recession.

Watch Al Jazeera’s report below:

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  • OFW

    Hope this news also means that more jobs will again be available for overseas Filipino workers (OFWs).

  • http://www.ofwguide.com/ OFW

    Hope this news also means that more jobs will again be available for overseas Filipino workers (OFWs).

  • http://www.jobsindubai.com/ Emirates Jobs

    That is really true, Abu Dhabi bails out Dubai with 10 billion dollars to help them with there debts.. It's nice to know Abu Dhabi helped Dubai with this problem..

  • http://www.jobsindubai.com/ Emirates Jobs

    That is really true, Abu Dhabi bails out Dubai with 10 billion dollars to help them with there debts.. It's nice to know Abu Dhabi helped Dubai with this problem..