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Asked by Reuters if Dubai would be able to settle or refinance its debt in 2009, Shaikh Ahmed bin Saeed Al Maktoum said: “Yes.”
He did not offer further details. Al Maktoum, also chairman of Dubai’s Emirates airline, was speaking on the sidelines of Cityscape Dubai 2009, which opened yesterday.
The emirate and its state-linked firms have outstanding debt of about $80 billion, much of it incurred during a drive that saw Dubai expand activities in logistics, financial services, real estate, luxury retail and tourism.
Investors are keen to see how Dubai is able to tap markets as its real estate sector slumps under the weight of the financial crisis. Dubai raised $10 billion in emergency cash from the UAE Central Bank early this year and plans to follow that with another $10 billion to fund obligations still pending.
Regional trade and tourism hub Dubai is one of seven members of the UAE federation, which also includes major oil exporter Abu Dhabi.
Dubai said the proceeds from its bond scheme would underpin companies such as state-owned Dubai World’s Nakheel, the developer of Dubai’s signature palm-shaped islands — part of its drive to build tourism as an alternative to its income from oil, which is relatively modest by Gulf standards.
Nakheel has $3.5 billion worth of Islamic bonds maturing in December and questions remain over the government’s plan for them.
Dubai’s Department of Civil Aviation, also chaired by Al Maktoum, will be the emirate’s first test in early November when it has $1 billion in bonds maturing.
Hopes the Arab Gulf states would ride out the credit crisis on the back of oil wealth have foundered as the region’s real estate boom collapsed, the price of oil fell, and concerns grew over the solvency of some debt-laden private Saudi firms.
“The Dubai credit situation is getting better... (as is) the pricing of Nakheel’s bonds... the government saying it has the financing is boosting confidence,” said Tamer Bazzari, chief executive office of Dubai-based Rasmala Investments.
In April, Dubai said it had refinanced an Islamic loan worth $1 billion for Dubai Civil Aviation, paying $365 million and syndicating $600 million.
The Dubai Electricity & Water Authority said in May it had raised $1 billion in a loan backed by European export credit agencies to fund continued expansion. It raised $2.2 billion in a three-year syndicated loan in April.
Dubai enjoyed more than six years of rapid economic growth due to rising oil prices but suffered from a cash shortage under the financial crisis that saw property prices plunge and thousands of expatriate workers leave.
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