The federal government of the United Arab Emirates has raised the capital of its indebted fuel retailer Emarat by 50 percent to 9 billion dirhams ($2.45 billion), state news agency WAM reported on Tuesday.
In January, the UAE's Federal National Council (FNC) passed a bill allowing Emarat to borrow the equivalent of up to 50 percent of its capital.
Emarat had debt of around 1.9 billion dirhams, the FNC said in January, as fuel subsidies imposed on gasoline prices by the UAE government hit the company's profits.
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