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Wednesday, Dec 16, 2009 (Adds details, background.) DUBAI ( Dow Jones)--Dubai's government said Wednesday it would repay the $10 billion it (more)
Wednesday, Dec 16, 2009 (Adds details, background.) DUBAI ( Dow Jones)--Dubai's government said Wednesday it would repay the $10 billion it received from Abu Dhabi earlier this week to help it meet financial obligations for its struggling conglomerate Dubai World Dubai World . try{document.write(_banner_zone('zone9337')) }catch(e){} Dubai said Monday it received $10 billion from neighboring oil-rich emirate Abu Dhabi to pay part of the debt of Dubai World Dubai World and its property unit Nakheel Nakheel but didn't provide any details on whether any terms were attached to the deal. "It is in bonds, and it's the same terms as the first bond tranche from the U.A.E. central bank U.A.E. central bank ," a spokesperson for the Dubai department of finance told Zaywa Dow Jones. The five-year bonds pay 4% interest annually, the spokesperson added. Dubai launched in February a $20 billion bond program to help it through the global downturn. The Abu Dhabi-based Central Bank of the United Arab Emirates Central Bank of the United Arab Emirates bought the first $10 billion. In late November, two banks Abu Dhabi majority-owns bought another $5 billion of the Dubai government bonds. -By Nour Malas, Dow Jones Newswires, +97150 2890223 nour.malas@dowjones.com Copyright (c) 2009 Dow Jones & Co. (END) Dow Jones Newswires 16-12-09 1304GMT
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