Borse Dubai’s repayments to determine Dubai’s credibility
The Emirate's financial soundness and ability to pay debts would be tested next month as due date for the government-owned Borse Dubai to pay back its debts is approaching. Analysts are eagerly waiting for the moment as it would be a crucial time for determining the economic prospectus of Dubai after the Dubai World's crisis.
Dubai, one of the leading Emirates of UAE, is reeling under total estimated debt of $80 billion. The situation turned grimmer when government-owned conglomerate Dubai World made its stunning announcement in November, expressing its inability to meet its debt obligations for six months. The announcement plunged the stock markets across the globe besides putting its own credit on stakes.
The government-owned Borse Dubai raised $2.5 billion one-year multi-currency, syndicated facility on February 19 which was participated by leading lenders across the globe.
New Zealand News
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