The Dubai government and its entities are facing debts of around $80 billion, and authorities have assured investors that the emirate will meet its financial obligations.
November 11, 2009 3:32 by kippreport
The estimates of Dubai’s entire debt vary; according to Business Week, the debts amount to $90 billion, 126 percent of Dubai’s GDP. The Economist says that the Dubai government along with its entities have accumulated debts of $80 billion in short-term bonds and loans from the across the world. Out of that amount, the government itself has $19 billion to repay.
According to a Deutsche Bank report in August, the emirate and its entities have $15.8 billion bonds and loans maturing this year, $9.2 billion in 2010, $19.8 billion in 2011 and $17.3 billion in 2012. Rating agency Standard & Poor’s has estimated that Dubai has to pay up $47.4 billion by mid-2013. According to investment bank EFG-Hermes estimates, state-owned companies have debts of $13.1 billion due in 2010.
Petrol to cost nearly 10 per cent more in May across the UAE
Genel courts Turkey with Kurdish gas to reduce reliance on Russia
Apple sales fall 13 per cent in first quarterly revenue decline in 13 years
Airbus A320neo hit by hydraulic system problems
Digital skills to help Saudi achieve 30 per cent female workforce