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Dubai’s debt

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

Ratings

Despite the government ‘s measures, ratings agency Moody’s downgraded five Dubai government-linked entities last week, because of concerns about their ability to fulfill their debt obligations. The companies include DP World, Dubai Electricity & Water Authority (DEWA), DIFC Investments, Jebel Ali Free Zone and Dubai Holding Commercial Operations Group.

“The government has reiterated that GRIs (government-related issuers) debt obligations … are not regarded as obligations of the government … and that the government is under no obligation to extend support to any such GRI,” Moody’s said in a statement.

 

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