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FinancialNews


  • 08-12-11

    Dubai will not restructure debt next year

    (MENAFN) Dubai's Supreme Fiscal Committee's chairman, Sheik Ahmed bin Saeed Al Maktoum, said that the emirate wouldn't restructure its debt during next year, reported AP. On the other hand, Sheik Ahmed said that Dubai might need to refinance part of its debts, allowing teh emirate to avoid defaulting on its obligations without necessarily coming up with all the cash it would need to pay its bills. He also said that the Government of Dubai would be fully prepared to support its state-linked corporations through a number of different options. It is worth noting that two years ago, Dubai acknowledged that it couldn't repay all its debts, however, it got through the crisis with the aid of Abu Dhabi which provided Dubai with USD20 billion, and by getting its creditors to reluctantly accept new conditions on billions of dollars of debt linked to its Dubai World conglomerate.

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