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


Corruption, Inc

Thulas Nxesi: State Capture forces resist the clean up at Public Works

By Marianne Merten

Riding a Black Unicorn Down the Side of an Erupting Volcano While Drinking from a Chalice Filled with the Laughter of Small Children is the title of a dark cabaret album by 'Voltaire'