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Lex: Dubai World
Abu Dhabi is providing $10bn in funding to bail out its fellow emirate Dubai, enabling it to settle a $4.1bn sukuk or Islamic bond owed by troubled developer Nakheel due on Monday. The government of Dubai said in a statement that the remaining funds would be used for interest payments and working capital until April 30 next year on the condition that Dubai World, a heavily indebted state-owned conglomerate, reached a standstill agreement on the remaining portion of $26bn in distressed debts. Richard Stovin-Bradford talks about the latest developments.