Dec. 14 (Bloomberg) -- Abu Dhabi provided $10 billion to help Dubai World, the state-owned holding company, avoid defaulting on a $4.1 billion bond payment that roiled global financial markets during the past month. Dubai World will use the money to cover debt of real-estate unit Nakheel pJSC that comes due today. The rest of the money will cover Dubai Worldâs interest and operating costs until the company reaches a standstill agreement with its creditors, Dubaiâs government said in an e-mailed statement. After the emirate and its state-controlled companies borrowed $80 billion to diversify away from dwindling oil supplies, Dubaiâs ruler, Sheikh Mohammed Bin Rashid Al Maktoum, has been forced to seek Abu Dhabiâs help three times this year as the global financial crisis dried up credit and triggered a property crash in the city state.
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