Dubai, Dec 14: In what comes as a big relief to the markets around the world, Abu Dhabi has given 10 billion dollars to Dubai to help ease the debts owed by Dubai World conglomerate .
Dubai government has received the emergency fund, which will go toward paying off debts.
Out if the total fund, 4.1 billion dollars will be used to pay off debt from Dubai World"s Nakheel property division. Nakheel's 3.5 billion dollars bond would be matured on Monday, Dec 14.
UAE central bank is also prepared to provide support to local banks.