| Kippreport.com

UAE says banks taken steps to deal with euro debt crisis

September 27, 2011 12:52 by Reuters

July’s 9.7 percent jump, while air freight volumes dropped 7.9 percent.

Costs to insure Dubai’s debt rose to 510 basis points on Monday according to Markit, their highest level since November 2010 , hit by European debt troubles.

Dubai, which accounts for around 75 percent of non-oil trade in the UAE, is facing around $30 billion in debt repayments over the next two years and its overall debt burden is estimated at $113 billion, or 141 percent of gross domestic product. ($1 = 3.673 UAE Dirhams) ($1 = 0.740 Euros) (By Martina Fuchs and Martin Dokoupil; Additional reporting by Andrew Torchia; Editing by Susan Fenton)

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Tags: banking and finance, debt crisis, European debt crisis, OPEC member, UAE, UAE banks, United States