THE Dubai Government's Financial Support Fund has injected $US6.2 billion into the debt ridden Dubai World company.
Established last year by Royal Decree of His Highness Sheikh Mohammed Bin Rashid Al Maktoum — Ruler of Dubai, the fund will supposed to provide financial support and liquidity to Government and Government-Related Entities.
Last year, Dubai World revealed it was $US26 billion in debt.
Yesterday the fund confirmed that it had pumped $US6.2 billion into Dubai World, in addition to the $US4.1 billion it initially provided in December last year to cover maturing bonds owed by Nakheel Properties, which is the property development arm.
Australian Property Journal
