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Dubai World $2.45 injection not new: Sources

Dubai's finance chief said that the indebted conglomerate had received the injection after the start of the global financial crisis.

Dubai World $2.45 injection not new: Sources

Dubai's 9-billion-dirham ($2.45 billion) injection into state-owned Dubai World was made as part of $10-billion government aid to businesses, which was launched in February, a source familar with the matter said on Tuesday.

Dubai's finance chief said earlier on Tuesday that the indebted conglomerate had received the injection after the start of the global financial crisis.

"The 9-billion-dirham aid was for Dubai World when we raised $10 billion," the source said, declining to be identified.

"It's not a new figure."

A Dubai World source asked to comment said the conglomerate had received the money from the government, but it was "not new money".

In February, the Dubai government launched a $20-billion bond programme, and sold the first $10-billion tranche to the United Arab Emirates central bank to help its businesses.

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