UAE throws Dubai financial lifeline

Source: The associated press

Who would have phatomed that!

DUBAI, United Arab Emirates -- Dubai's finance department said Sunday it sold $10 billion in bonds to the United Arab Emirates' Central Bank, alleviating some concern about the Gulf city-state's finances, hit hard in the global financial crisis.

With the sale, the department said it will have "the necessary liquidity" to compensate for global funding sources that have dried up over the past year.

The funding agreement is part of a $20 billion long-term bond program launched Sunday.