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Abu Dhabi is providing $10bn in funding to bail out its fellow emirate Dubai, enabling it to settle a $4.1bn Islamic bond (so called sukuk) owed by troubled developer Nakheel due on Monday, the official news agency said.
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Japanâ??s cabinet on Tuesday agreed Y7,200bn ($80.6bn) in stimulus spending intended to shore up a fragile economic recovery with measures including support for employment, easier financing for smaller companies and promotion of environmental protection.
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Dubai World may be forced to sell overseas assets as part of its restructuring process, a top Dubai finance official conceded on Monday, but he said the government would not divest businesses to support the holding company.
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A large bubble is forming in Chinaâ??s property market as a result of Beijingâ??s credit-driven stimulus programme, one of the countryâ??s most prominent real estate developers warned.
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