Abu Dhabi Gives $10B To Dubai
Dubai said on Monday it had received $10 billion from fellow UAE member Abu Dhabi to help it repay $4.1 billion Islamic bond maturing on Monday. The statement said the excess would be used to cater to Dubai Worlds needs up until the end of April 2010.
"We are here today to reassure investors, financial and trade creditors, employees, and our citizens that our government will act at all times in accordance with market principles and internationally accepted business practices," Sheikh Ahmed bin Saaed al-Maktoum said in a statement. "Dubai is, and will continue to be, a strong and vibrant global financial center. Our best days are yet to come.
Abu Dhabi is the largest member of the United Arab Emirates federation and a major oil exporter.