Abu Dhabi bails out Dubai
Abu Dhabi on Monday surprised markets by explicitly backing Dubai.
The government of Abu Dhabi, the richest and most powerful of the seven emirates that comprise the UAE, will inject $10 billion into the Dubai Financial Support Fund, a vehicle set up to prop up Dubai World, its neighbour's troubled investment vehicle.
The Central Bank of the UAE said it would support local banks, who are among the biggest holders of Dubai World's debt.
Dubai said it would use $4.1 billion of the funds to pay
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