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Abu Dhabi’s $10 billion aid included $5 billion from banks
Al Hilal Bank and National Bank of Abu Dhabi had subscribed to Dubai’s $5 billion bond in November.
January 18, 2010 12:01 by kippreport
The $10 billion bailout received by Dubai from Abu Dhabi in December last year included $5 billion that was earlier lent by two Abu Dhabi banks, reports Reuters, quoting a Dubai government spokesperson. The Dubai government had announced in November last year that Al Hilal Bank and National Bank of Abu Dhabi had bought its $5 billion bond.
The government spokeswoman said that Dubai had used up $1 billion out of the $5 billion, which was offered under a five-year bond priced at 4 percent.