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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Dubai to pay debt with $10 billion Abu Dhabi fund AFP - Tuesday, December 15 Send IM Story Print View of downtown Dubai, on December 2. The Dubai government said Monday it will pay 4.1 billion dollars to cover Islamic bonds issued by its Nakheel property developer which mature Monday after receiving 10 billion dollars from Abu Dhabi. DUBAI (AFP) - – The Dubai government said Monday it will pay 4.1 billion dollars to cover maturing Islamic bonds issued by its Nakheel property developer after receiving a 10-billion-dollar handout from oil-rich Abu Dhabi. The announcement prompted a surge on the Dubai stock market, which was up more than 10 percent in early trade Monday, while the market in neighbouring Abu Dhabi was up nearly 8.0 percent. "The government of Abu Dhabi has agreed to fund 10 billion dollars to the Dubai Financial Support Fund that will be used to satisfy a series of upcoming obligations on Dubai World," an official statement said. "As a first action for the new fund, the government of Dubai has authorised 4.1 billion dollars to be used to pay the sukuk (Nakheel Islamic bonds) obligations that are due today," it added. The nature of the fund, being a loan or a grant, was not disclosed. The announcement comes on the day Nakheel was supposed to repay sukuks worth 3.5 billion dollars and the return on them amid speculations that the troubled developer would not be bailed out. Dubai has worked closely with the central bank of the United Arab Emirates (UAE) and the government of Abu Dhabi to find a solution to the debt problems, said the statement issued by Sheikh Ahmed bin Saeed al-Maktoum, the head of the Dubai Supreme Fiscal Committee. This included "addressing and assessing the impact of Dubai World on the UAE economy, banking system and investor confidence," it said. Rating agencies had downgraded several Dubai corporates after Dubai said on November 25 that it wanted to freeze debt repayments by its heavily-indebted Dubai World group -- liable for 59 billion dollars -- in order to restructure the largest state-run company. The announcement clears the uncertainty that loomed over Nakheel's immediate financial obligations, but does not resolve the debt problems of Dubai corporates, said analyst Fahd Iqbal from regional investment bank EFG-Hermes. "The main positive of this event is that it removes the sharp uncertainty associated with Nakheel and also substantially limits systemic risk to the economy," he said. "Fundamentally, little has changed for Dubais outlook. We continue to see risk of further debt problems emerging in the coming months and quarters," he said, highlighting debt by the government-owned Dubai Holding and Dubai's investment arm Istithmar, which is part of Dubai World. Monday's statement said that the remainder of the 10 billion dollars will "provide interest expenses and company working capital through April 30, 2010." But it said that the latter will be "conditioned on the company being successful in negotiating a standstill as previously announced." The means that the company will still have to go back to creditors to restructure its remaining debt. "The remainder of the funds provided will be used for the satisfaction of obligations to existing trade creditors and contractors. Discussions with affected contractors will begin in short order," it added. Dubai World had said earlier that not all its subsidiaries would be involved in the restructuring, pointing out that the debt of the concerned units amount to 26 billion dollars. The statement also said that the government will later Monday issue a "comprehensive reorganisation law, a framework that is based upon internationally accepted standards for transparency and creditor protection." "This law will be available should Dubai World and its subsidiaries be unable to achieve an acceptable restructuring of its remaining obligations," it added. This step seems aimed at appeasing creditors who have been scared off by Dubai's earlier announcement that it might not be able to pay Dubai World debt and its insistence that the government would not guarantee state-corporates debt. "It appears that Dubai is effectively preparing a bankruptcy law to be used in the event that debt obligations can neither be re-paid nor restructured," Iqbal said. The once rapidly-booming economy of Dubai has been hit hard by the global financial crisis, which turned off the tap on easily-available foreign finance, leaving many of its companies high and dry with a heavy debt burden. The total debt of Dubai government and its state-run companies is a minimum of 80 billion dollars, and estimated to run into 100 billion dollars. 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