ANNOUNCEMENT 20 Jul 2009In July 2009, the government of the UAE announced a change in private-sector financial support.
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WAM, Official News Agency of the UAE
Sheikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, issued a decree No. 24 of 2009 which created a $20 billion "Dubai Financial Support Fund" in order to bail out cash-strapped local companies.
The monies will be managed by the Dubai Financial Support Fund. According to a statement by the Director General of Dubai's Department of Finance loans will provided on commercial terms to "government and government-related entities engaged in projects deemed to be of strategic and developmental importance to the emirate of Dubai."