Debt-ridden Dubai gets £6bn from Abu Dhabi

Dubai’s government said today it had received £6bn (€6.63bn) in emergency funds from oil-rich neighbour Abu Dhabi to pay debts owed by its struggling conglomerate.

Debt-ridden Dubai gets £6bn from Abu Dhabi
Mon, 14 Dec, 2009 - 07:06

Dubai’s government said today it had received £6bn (€6.63bn) in emergency funds from oil-rich neighbour Abu Dhabi to pay debts owed by its struggling conglomerate.

Some £2.5bn (€2.75bn) of the money will be used to pay off a pile of debt from Dubai World’s Nakheel property division that is due today.

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CourtsBusinessHeathrowPlace: Abu DhabiPlace: DubaiPlace: United Arab EmiratesPerson: Sheikh Ahmed bin Saeed Al MaktoumOrganisation: DubaiOrganisation: Dubai WorldOrganisation: Abu DhabiOrganisation: government of DubaiOrganisation: Dubai supreme fiscal committeeOrganisation: Dubai government
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