Dubai manages to reduce debt: Moody’s

08 Dec 2011

(MENAFN) Moody’s Investor Services said that since 2009, the government of Dubai and its state-owned entities made a huge progress in reducing their debt, reported Gulf News.

The agency added that the emirate’s contingent liability from state-owned corporates (excluding the debt of state-owned banks) was about USD33.7 billion, less than Dubai’s state-owned corporate debt of USD68.6 billion, and excluding USD5.1 billion of government-guaranteed corporate debt.

It also said that the direct debt of Dubai was estimated at around USD27.9 billion, of which USD18.45 billion was raised from the Government of Abu Dhabi and the country’s Central Bank in order to capitalize the Dubai Financial Support Fund.

It is worth noting that some entities, including Dubai Holding Commercial Operations Group, Jebel Ali Free Zone and DIFC Investments, which together hold around USD3.8 billion of debt maturing in 2012, will be forecasted to face refinancing risks, according to Moody’s.

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