Moody's: Dubai supported

Moody's Investors Service said it said that the federal government of the United Arab Emirates announced that it had provided financial support for Dubai's government.

This support was provided through the central bank, which purchased a $10 billion bond issued by the government of Dubai under a $20 billion program, according to the agency, which added that the senior unsecured bond carries a fixed interest rate of 4% per annum and has a five-year maturity.

The federal news agency, WAM, stated: "This issuance will provide the Dubai government with the necessary liquidity to substitute the liquidity that has dried up globally in the last 12 months and accordingly meet all upcoming financial obligations."

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