Dubai Plans to Meet Fixed-Income Investors in Europe (Update1) - Bloomberg.com

The Dubai Department of Finance will hold meetings with fixed-income investors in Europe as it seeks to update potential investors on the emirate’s economy.

The meetings are “non-deal,” said a spokeswoman at the Department of Finance, who declined to be identified. HSBC Holdings Plc and Mitsubishi UFJ Financial Group Inc. were hired to help arrange the briefings, which are expected to start in Switzerland June 4, Paris June 7, Germany June 8 and London from June 9-10, said a person familiar with the plan who declined to be identified as details are private.

Dubai World, one of the emirate’s three main state-owned business groups, said on May 20 it reached an agreement with a group of creditors to restructure $23.5 billion of liabilities. The Dubai government and its state-owned companies have racked up $109.3 billion of debt and about $15.5 billion of that is due this year, according to International Monetary Fund estimates, as the emirate pursued a drive to transform itself into a tourism, trade and financial services hub.