Dubai To Pay $4.1b Nakheel Debt

The Dubai government said on Monday it will pay $4.1 billion to cover Islamic bonds issued by its Nakheel property developer which mature on Monday after receiving 10 billion dollars from Abu Dhabi. “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,” it said in a statement. “As a first action for the new fund, the Government of Dubai has authorised 4.1 billion dollars to be used to pay the Nakheel Islamic bonds obligations that are due today,” it added.