Abu Dhabi gives Dubai another loan

By Incorrect Author 14 December 2009

Abu Dhabi has given Dubai another $10 billion handout to help it pay up to $80 billion in debt. This comes after state-owned infrastructure developer, Dubai World, asked for more time to pay some $60 billion of debt coming due over three years. The emirate was ravaged by the global markets bust, with the building of its skyscraper skyline grinding to a dusty halt. The Abu Dhabi cash injection will help the emirate meet its short-term financial commitments. A $3.5 billion payment that is immediately due from Dubai World subsidiary, Nakheel, is in the form of an Islamic bond, which prohibits interest payments. Dubai should be grateful for that, at least. Read more: BBC

Gallery

While we have your attention...

An increasingly rare commodity, quality independent journalism costs money - though not nearly as much as its absence.

Every article, every day, is our contribution to Defending Truth in South Africa. If you would like to join us on this mission, you could do much worse than support Daily Maverick's quest by becoming a Maverick Insider.

Click here to become a Maverick Insider and get a closer look at the Truth.


United Nations

Ramaphosa urges world leaders to ‘end the wars’ and prove themselves worthy of Mandela

By Peter Fabricius

Adolf Hitler was the first European leader to ban human zoos.