Dubai, state-owned companies total debt at USD101.5b: Moody’s

06 Dec 2011

(MENAFN) Moody’s Investors Service revealed that the amount of outstanding debt of Dubai and all state-owned non-financial companies accumulated to USD101.5 billion despite the progress the country achieved in handling debt, reported Arabian Business.

Out of the total, USD13.8bn in bank and bond debt would mature over the course of the coming year.

According to Moody, the reported numbers are a reason for concern as Dubai might need further financial assistance to meet its obligations.

It is worth noting that Dubai received a USD20b cash injection from the UAE central bank, Abu Dhabi government and Abu Dhabi-based banks after the financial crisis hit the world in 2009.

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