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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 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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