Dubai World is poised to pay off immediate debts relating to some of its ambitious construction schemes after the Abu Dhabi government stepped in with a US$10bn (£6.2bn, €6.8bn) loan.

In November, stock markets across the world saw billions wiped off the value of shares after the state-owned Dubai World confirmed it was seeking a six-month standstill on its obligations in order to undergo an extensive restructuring process. However, Abu Dhabi's intervention means that the group has been able to meet today's (14 December) deadline to pay off US$4.1bn (£2.5bn, €2.8bn) owed as part of a sukuk - an Islamic bond - by developer Nakheel.

In addition to the sukuk repayment, Dubai World - the parent company of Nakheel and investment company Leisurecorp - will use the remaining US$5.9bn (£3.6bn, €4bn) to pay trade creditors and contractors. Sheikh Ahmed bin Saaed al-Maktoum, chair of Dubai's Supreme Fiscal Committee, said in a statement: "The Government of Dubai will announce a comprehensive reorganisation law, a framework that is based upon internationally accepted standards for transparency and creditor protection.

"The actions taken today are consistent with our market development, and we believe they are the actions that will best serve the interests of all stakeholders." A spokesperson for Dubai World added: "As long as a standstill is successfully negotiated, Dubai World has assurances that the Government of Dubai, through the Dubai Financial Support Fund, will provide financial support to cover working capital and interest expenses to ensure the continuity of key projects."