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Abu Dhabi to provide $10 bln for Dubai World's upcoming obligations

2009-12-14 16:40 BJT

Special Report: Dubai Debt Crisis |

ABU DHABI, Dec. 14 (Xinhua) -- The Abu Dhabi government has agreed to fund 10 billion U.S. dollars to Dubai to meet its upcoming obligations on the state-owned conglomerate Dubai World, a senior official said Monday.

"The government of Abu Dhabi has agreed to fund 10 billion dollars to the Dubai Financial Support Fund that will be used to satisfy a series of upcoming obligations on Dubai World," Sheikh Ahmad bin Saeed Al Maktoum, chairman of the Dubai Supreme Fiscal Committee (SFC), was quoted by the official news agency WAM as saying in a statement.

"Like other global financial centers, Dubai has faced recent market challenges driven by global economic slowdown and severe real estate market correction," Sheikh Ahmad said.

He said since Dubai World announced its restructuring plan last month, the Dubai government has worked closely with Abu Dhabi and the Central Bank of the United Arab Emirates (UAE) in a bid to address and assess the impact of Dubai World on the country's economy, banking system and investor confidence.

Editor: Zhang Pengfei | Source: Xinhua