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Dubai’s debt restructuring may curb GCC growth
Markets are keenly following the emirate’s debt situation, according to Henry Azzam, CEO of Deutsche Bank's MENA division.
February 10, 2010 9:48 by kippreport
The GCC’s recovery may be held back because of tighter lending in the region and Dubai’s debt restructuring, Henry Azzam, CEO of Deutsche Bank’s Middle East and North Africa division, said in a conference on Wednesday.
“All eyes will be on Dubai World, markets are hoping that the restructuring of Dubai World’s (remaining) $22 billion debt will be speedy,” he said. “The risk is that this exercise would be lengthy and could lead to many surprises in the month ahead,” he added.