Exclusive: Abu Dhabi expected to extend bailout loan to Dubai, sources say | Reuters:
Abu Dhabi is expected to roll over for the second time $20 billion of debt, due next month, that it extended to Dubai during its financial crisis a decade ago, three sources familiar with the matter said.
Dubai got the aid from the oil-rich capital of the United Arab Emirates in 2009 after the global credit crisis caused its real estate market to crash, threatening to force some state-linked companies to default on billions of dollars of debt.
In March 2014, the Abu Dhabi government and the UAE federal central bank agreed to refinance the debt for five years at a 1 percent annual interest rate.
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