Abu Dhabi Bails Out Dubai!

Tennis Court Dubai

The Wall Street Journal reports:

Dubai’s government received $10 billion in financing from Abu Dhabi, which will pay part of the debt held by conglomerate Dubai World and its property unit, Nakheel.

Dubai has authorised $4.1 billion toward paying Nakheel’s Islamic bond obligations due Monday, the government said.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.