Funds from an emergency $10 billion rescue plan will target Dubai World, Dubai Holding and domestic firms in the emirate's sovereign wealth fund's portfolio, Dubai's finance department head said on Tuesday.
A five-man fiscal committee, headed by Emirates airline chairman and local power broker Sheikh Ahmed bin Saaed al-Maktoum, was re-established a month ago to assess the companies' requirements and decide how the funds would be used, Nasser al-Shaikh told Reuters in an interview on Tuesday.
"We will not wait to support the companies, there are urgent requirements that need to be dealt with quickly," he said. "There is no free lunch; we will be helping companies on commercial terms."
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