The Dubai Government announced Thursday that it will support Dubai World and Nakheel “with significant financial resources”, according to a statement. This will include a commitment to fund up to $9.5bn over the business plan period for both companies, according to the statement. The support will be allocated as $1.5bn for Dubai World and $8bn for Nakheel. The support will be funded by the $5.7bn remaining from the loan which was previously made available from the Government of Abu Dhabi in addition to other “internal Dubai Government resources”, according to the statement. The statement also said that “Dubai World and Nakheel will also present revised business plans, which take into account the current business environment and reflect the new direction being given to both companies.”

Most Popular Articles

Former Fannie Mae employee gets 6 years in prison for making $1 million on shady foreclosure sales

A former Fannie Mae employee will spend more than the next six years in prison after being found guilty of accepting more than a million dollars in bribes and kickbacks in exchange for selling Fannie Mae-owned foreclosures for less than market value.

Jan 15, 2020 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please