Abu Dhabi gives Dubai USD10billion to help pay debts
14 December 2009
Dubai's government has announced that its UAE neighbour Abu Dhabi has given the emirate a USD10 billion (GBP6.13 billion) to help it pay off its debts, BBC reports.
It will use $4.1bn (£2.5bn) 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 which was due to mature on Monday.
The news lifted investor sentiment around the world.