Looks like we have another bail out, middle east style.

Bloomberg is reporting, the U.A.E. central bank is offering loans at 50 basis points in a special facility.

The United Arab Emirates’ central bank said it “stands behind” the country’s local and foreign banks, which face losses from Dubai World’s possible default, and offered them access to more money under a new facility.

Banks will be able to use a special facility tied to their current accounts that can be accessed at a cost of 50 basis points above the three-month local benchmark interest rate, the Abu Dhabi-based regulator said in an e-mailed statement today.

CDSes on Dubai went to 647 basis points since the state owned Dubai World said they wish to delay repayment.