File - Commercial buildings are seen across the Bur Dubai creek in Dubai, October 18, 2011. (REUTERS/Jumana El Heloueh)
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Dubai has reached agreement on rolling over $10 billion in debt extended by the central bank of the United Arab Emirates during the global financial crisis, sources familiar with the matter said Wednesday.The $10 billion deal was the first move in a concerted effort to help Dubai avert a major economic catastrophe at the end of the last decade, following a debt-fueled global acquisition binge.According to the International Monetary Fund, about $78 billion of debt held by Dubai and its GREs will come due between 2014 and 2017 .The banks nor the Dubai government have said how this debt will be handled, but many in the markets -- including Soussa – expect it to be wholly or partly rolled over.
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