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Dubai commits 9.5 billion dollars to troubled Dubai World
The Dubai government said on Thursday it has committed 9.5 billion dollars in aid to its troubled Dubai World conglomerate, which has been negotiating the restructuring of 22 billion dollars of debt.
Updated on: Mar 25, 2010 12:46 PM IST
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The Dubai government said on Thursday it has committed 9.5 billion dollars in aid to its troubled Dubai World conglomerate, which has been negotiating the restructuring of 22 billion dollars of debt.
The government will support the group's proposals to restructure its liabilities "with significant financial resources," the head of the emirate's Supreme Fiscal Council, Sheikh Ahmed bin Saeed al-Maktoum said in a statement.
These resources include a "commitment to fund up to 9.5 billion dollars in new funding over the business plan period," he said.
The statement said the proposals to creditors would be announced later on Thursday.
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