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Abu Dhabi gives Dubai $10bn help Abu Dhabi gives Dubai $10bn help
(10 minutes later)
Dubai's government has announced it has been given a $10bn (£6.13bn) handout from United Arab Emirates neighbour Abu Dhabi to help it pay off its debts.Dubai's government has announced it has been given a $10bn (£6.13bn) handout from United Arab Emirates neighbour Abu Dhabi to help it pay off its debts.
The money will be used to help the country meet its short-term financial commitments. It will use $4.1bn (£2.5bn) of the handout to bail out the government-owned investment company Dubai World.
It will use $4.1bn (£2.5bn) of the handout to pay investors in an Islamic bond due to mature on Monday. The company's property development operation Nakheel needed the money to pay investors in an Islamic bond due to mature on Monday.
Dubai was badly hit by the global economic downturn and falling real estate prices. Dubai has been badly hit by the global downturn.
The money from Abu Dhabi will be used to help the country meet its short-term financial commitments.
The payment due on Monday is an Islamic or sukuk bond, designed to be compliant with Islamic law which prohibits interest payments.