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December 2009

News Letter - 14th December 2009

As predicted, Dubai's government today announced that it has been given a $10bn handout from its neighbour Abu Dhabi to cover some of its debt and help shore up some of its liquidity issues. The government has declared that it intends to use $4.1bn to bail out the state owned Dubai World, whose portfolio is largely comprised of property holdings. Of course no-one is talking about the conditions attached to this handout, although they will surely exist, it is unlikely that the detail will ever be made public.