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UAE says banks taken steps to deal with euro debt crisis

Dubai not worried about global recession; Minister of Economy reiterates 2011 GDP growth forecast of 3-3.5 percent; Dubai five-year CDS highest since November 2010

September 27, 2011 12:52 by



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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