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Briefing

Dubai's Debts

Appears in: Frontier Markets, Middle East and Africa, Macroeconomy, Gulf Cooperation Council, United Arab Emirates, Current Account, FX Reserves and Sovereign Wealth, Government Bonds, Trade and External Balance

Critical Issues

Background:

Dubai's rapid development has relied on significant debt financing and on attracting capital inflows, making it vulnerable to global credit tightening. total external debt is at least US$80 billion or 148% of 2007 GDP.  In 2009 the emirate's state-owned enterprises faced a cash crunch as property revenues fall, and credit costs rose. Dubai, fortified by a US$10 billion bond issue purchased by the federal government/Abu Dhabi in early 2009, and more recent issuance to private investors and Abu Dhabi owned banks insists that it has adequate funds to pay off outstanding liabilities. Yet, Dubai has to adjust to tighter credit conditions, which are prompting cost cutting, consolidation and the reshuffling of economic managers among the state-owned companies.

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