Monday 24 July 2017

Emirate acts to shore up economy

An Emirati man follows the latest stock changes at the Dubai Financial Market in Dubai, United Arab Emirates,
An Emirati man follows the latest stock changes at the Dubai Financial Market in Dubai, United Arab Emirates,

Dubai's government said it will pump up to $9.5bn into its chief conglomerate Dubai World and a key subsidiary as part of a long-awaited restructuring plan of the companies' debt.

The chairman of the emirate's supreme fiscal committee said in a statement on Thursday the support aims to ensure Dubai World and property development arm Nakheel are "key contributors to the strong economic future" of the city-state.

Sheikh Ahmed bin Saeed Al Maktoum, who is also the uncle of Dubai's ruler, said the new funding will include $5.7bn of the remaining funds from a bailout by neighbouring Abu Dhabi and "internal Dubai Government resources".

Press Association

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