(Source: CTV News)

Dubai got a US$10 billion lifeline from its oil-rich neighbour, Abu Dhabi, Monday, heading off a bond default at the very last minute.

Dubai World, the state-owned conglomerate at the centre of the emirate’s debt crisis, said it would use $4.1 billion of the cash to repay the Islamic bond of its real estate unit Nakheel, which was due to mature on Monday.

Read the full article “Dubai gets US$10B from Abu Dhabi to cover debt” in CTV News (December 14, 2009).

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