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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

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.

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