Dubai secures $10-billion loan to cover debt

Dubai’s government says it has received $10 billion in emergency funds from oil-rich neighbour Abu Dhabi that will go toward paying debts owed by its struggling Dubai World conglomerate.

A young woman looks at the Burj Dubai

DUBAI, United Arab Emirates — Dubai’s government says it has received $10 billion in emergency funds from oil-rich neighbour Abu Dhabi that will go toward paying debts owed by its struggling Dubai World conglomerate.

Some $4.1 billion of the money will be used to pay off a pile of debt from Dubai World’s Nakheel property division that comes due today.

Dubai’s ability to repay those funds had been seen as a key test of the debt-laden emirate’s creditworthiness.

The UAE central bank, based in the federation’s capital Abu Dhabi, also says it is prepared to provide support to local banks.

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