Dubai Receives USD 10 B Bail Out from Abu Dhabi

Dubai has been badly hit by the global downturn. News of the payment boosted share markets in the United Arab Emirates. File Photo

Dubai's government has announced it has been given a USD 10 B handout from United Arab Emirates neighbour Abu Dhabi to help it pay off its debts.

It will use USD 4,1 B 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.

Dubai has been badly hit by the global downturn. News of the payment boosted share markets in the United Arab Emirates. Dubai's main share index closed 10% higher, while Abu Dhabi's rose more than 7%.

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