Dubai Inc’s debt could total $170bn
Total debt obligation could be double the previous estimate, says EFG Hermes report.
January 20, 2010 9:31 by Ben Flanagan
Dubai’s total debt obligation could be as high as $170 billion, according to a report by EFG-Hermes regional investment bank.
A copy of the bank’s 2010 UAE Yearbook, seen by news agency AFP, says that Dubai’s government-related entities could have racked up debts “in the range of 130-170 billion dollars”.
Previous estimates of the total debt stood at around $80 billion, the majority of which was due to the obligations of the troubled Dubai World conglomerate.