Dubai's government has announced it has been given a $10bn (�6.13bn) handout from United Arab Emirates neighbour Abu Dhabi to help it pay off its debts.
It will use $4.1bn (�2.5bn) of the handout to bail out the government-owned investment company Dubai World. The company's property development operation Nakheel needed the money to pay investors in an Islamic bond due to mature on Monday.
Dubai has been badly hit by the global downturn. The money from Abu Dhabi will be used to help the country meet its short-term financial commitments. The payment due on Monday is an Islamic or sukuk bond, designed to be compliant with Islamic law which prohibits interest payments.
There had been fears the Nakheel would not be able to pay off the bonds when they matured and analysts say Abu Dhabi's bailout was surprising.
On 25 November, Dubai's government had said it would ask its creditors for a freeze on Dubai World's $26bn (�16bn) debt repayments.
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