FINANCIAL NEWS

Dubai to pay USD12b debts on time: Al Tayer

09 Mar 2011

(MENAFN) Dubai’s Supreme Fiscal Committee official, Ahmed Humaid Al Tayer, confirmed that Dubai would meet deadlines for paying back all debt obligations due in 2011, which total to USD12 million, reported Arabian Business.

Al Tayer also said that the USD4 billion that Dubai’s investment fund owes would also be paid back on time.

Al Tayer also said that the oil-rich state owes around USD30 billion of debt that would mature over the course of the coming two years, twelve of which are due this year.

It is worth noting that Dubai faced major debts as it was severely impacted by the global financial crisis back in 2009.

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