Dubai unveiled a long awaited debt-restructuring plan yesterday, pledging to inject $9.5bn into the troubled conglomerate Dubai World, most of which will go to its developer Nakheel and spur the emirate's economy.
The state support includes $3.8bn from the Dubai government over the next three years and the remaining $5.7bn from a $10bn loan granted by neighbouring Abu Dhabi.
Dubai's reputation as the Gulf's financial and commercial hub has taken a battering since it surprised financial markets in November by asking to restructure $26bn in debts. Yesterday's plan was broadly welcomed as domestic stock markets rose and the cost of insuring against a default fell.
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