£2bn rescue for Dubai Holding

The Dubai government has taken control of the financial restructure of Dubai Holding, putting $2bn (£1.2bn) into the troubled conglomerate. Last week the government announced Dubai Group, a unit of conglomerate Dubai Holding, had set up a committee of banks to discuss its debt commitments. Those discussions have led to the committee leading a restructuring deal of about $12bn in debts at the group of companies owned by Sheikh Mohammed bin Rashid al-Maktoum, Dubai’s ruler. The same committee oversaw the $25bn shake up of government owned Dubai World.