{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Dubai gets 10 billion US dollars from Abu Dhabi to cover debt' data-url='/boclips/videos/5c54bd91d8eafeecae1351c9' data-video-url='/boclips/videos/5c54bd91d8eafeecae1351c9' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nDubai gets 10 billion US dollars from Abu Dhabi to cover debt\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eDecember 14, 20091. Various, traffic on Dubai street2. Exterior, Dubai Financial Market 3. Wide shot, traders and display screens4. Trader looking at display screen5. Trading figures on screenFILE: August 25, 20096. Wide of skyscrapers...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eDecember 14, 2009\u003cbr/\u003e1. Various, traffic on Dubai street\u003cbr/\u003e2. Exterior, Dubai Financial Market \u003cbr/\u003e3. Wide shot, traders and display screens\u003cbr/\u003e4. Trader looking at display screen\u003cbr/\u003e5. Trading figures on screen\u003cbr/\u003eFILE: August 25, 2009\u003cbr/\u003e6. Wide of skyscrapers \u003cbr/\u003e7. Wide of buildings and water fountains\u003cbr/\u003e8. Water fountains\u003cbr/\u003e9. Mid of bridge leading to building over pool\u003cbr/\u003e10. Swimming pool and sun loungers\u003cbr/\u003e11. Swimmers in pool\u003cbr/\u003e12. Wide of three tall buildings under construction\u003cbr/\u003e13. Mid of tall buildings\u003cbr/\u003e14. Wide of Burj Dubai tower\u003cbr/\u003e15. Mid of tall building with scaffolding \u003cbr/\u003e16. Wide of buildings and water\u003cbr/\u003e17. Various of buildings lining the river\u003cbr/\u003e18. Wide of sandy coloured building\u003cbr/\u003e19. Wide of sun setting in sky\u003cbr/\u003eDubai got a 10 (b) billion US dollar lifeline from oil-rich Abu Dhabi on Monday, securing a last-minute cash infusion aimed at preventing a default that risked sparking broader fears about the city-state's shaky finances.\u003cbr/\u003eAbu Dhabi's bailout offered the clearest indication in months that it was willing to at least partially back its flamboyant neighbour. \u003cbr/\u003eThe 60 (b) billion US dollar debt shouldered by Dubai's chief state-owned conglomerate, Dubai World, and the city-state's unwillingness to fully stand behind the company has seriously tainted the emirate's creditworthiness.\u003cbr/\u003eDubai World had been up against a Monday deadline to repay a pile of loans from its Nakheel property division. \u003cbr/\u003eSome 4.1 (b) billion US dollars of the bailout money will be used to pay off those bills. \u003cbr/\u003eThe news sent Dubai's main stock market soaring.\u003cbr/\u003eDubai, which owes lenders more than 80 (b) billion US dollars including Dubai World's debts, said the rest of the funds provided by Abu Dhabi will be used to cover the conglomerate's interest expenses and general business needs through the end of April, and to pay bills owed to \"existing trade creditors and contractors\".\u003cbr/\u003eBankers said the last-minute cash injection from the UAE's richest sheikdom signalled that the seven-member federation was taking a nationwide approach to tackling Dubai's problems rather than leaving the struggling emirate to fend for itself.\u003cbr/\u003eDubai is the second-richest of the UAE's semi-autonomous city-states, but Abu Dhabi holds nearly all the country's oil wealth and controls the federation's presidency. \u003cbr/\u003eDubai's ruler is the UAE's vice president and prime minister.\u003cbr/\u003eInvestors welcomed the news, which provided some clarity in a crisis that erupted late last month when the conglomerate unexpectedly said it was seeking new terms on repaying roughly 26 (b) billion US dollars of its debts.\u003cbr/\u003eThe Dubai Financial Market's main index shot up 10.4 percent by early afternoon. \u003cbr/\u003eAbu Dhabi's stock market jumped 7.8 percent. \u003cbr/\u003eStocks in Asia rebounded from earlier losses after Dubai's announcement.\u003cbr/\u003eDubai World said in a separate statement it welcomed the financial support, which will provide \"funding and a stable basis\" for a restructuring the company announced last month.\u003cbr/\u003eThe company said it is pushing ahead with talks to convince lenders to agree to a \"standstill\" - effectively a delay - on repaying some of its debt.\u003cbr/\u003eIn another move aimed at bolstering investor confidence, Dubai's government said the UAE's central bank, based in Abu Dhabi, is prepared to provide support to local banks.\u003cbr/\u003eDubai also said it plans to introduce a reorganisation law that could be used in case Dubai World is \"unable to achieve an acceptable restructuring of its remaining obligations\".\u003cbr/\u003eA person close to the Dubai government said the new law provided a legal framework for addressing corporate debt, though it did not mean a bankruptcy filing by state-owned companies was certain.\u003cbr/\u003eIt was not immediately clear what, if anything, Abu Dhabi would expect in exchange for Monday's funding. \u003cbr/\u003eAnalysts had said an Abu Dhabi bailout could result in the oil-rich emirate exerting greater influence on its neighbour going forward.\u003cbr/\u003eThe money is the latest example of Abu Dhabi stepping in to help.\u003cbr/\u003eThe central bank pumped 10 (b) billion US dollars into Dubai earlier this year in the form of low-interest loans. \u003cbr/\u003eAnother 5 (b) billion US dollars in aid was raised from two Abu Dhabi state-controlled banks last month.\u003cbr/\u003eThe central bank has already been guaranteeing bank deposits since October 2008 and earlier this month said a new liquidity facility was available to 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