Scuppered by sukuk
Investors in Islamic debt issued by Nakheel, a Dubai property company, breathed a sigh of relief in December when the government of Abu Dhabi stepped in to provide $10 billion of support to Dubai World, a holding company and parent of Nakheel, via the Dubai Financial Support Fund, a vehicle set up to support government-related entities. Nakheel was in danger of defaulting on its December commitment to repay $4.1 billion on maturing sukuk, and the bail-out meant those investors at least will not
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