FINANCIAL NEWS

Dubai’s total outstanding borrowings USD31.4b

12 Jun 2011

(MENAFN) Dubai’s department of finance said that this month, the total outstanding external term borrowings of the emirate’s government reached USD31.4 billion, reported Gulf News.

The department added that since confidence in Dubai’s economic fundamentals was returning back, the Government of Dubai would test credit market sentiment and issue a dollar denominated, benchmark sized bond, adding that the proceeds of the bond would be used for general budgetary purposes.

It also said that last year, Dubai’s nominal gross domestic product (GDP) reached USD81.8 billion and its total direct debt nominal GDP ratio about 38 percent.

It is worth noting that Dubai Government provided exceptional guarantees to the tune of USD2 billion towards the financial obligations of the Dubai Electricity and Water Authority and a USD1.7 billion guarantee exposure to the DURL Consortium with respect to Dubai Metro.

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