Tuesday 21 December 2010

$1.5bn asset deal good for Dubai, Abu Dhabi - Stocks - ArabianBusiness.com

A reported deal that would see Abu Dhabi buy up key Dubai financial assets, including Borse Dubai’s 20 percent stake in the London Stock Exchange, would be a step towards easing Dubai’s debt concerns, a top economist said on Monday.

The $1.5bn deal outlined in an unattributed report in the Sunday Times would help Dubai repay around $25bn of debt acquired before the global financial crash, said John Sfakianakis, chief economist at Banque Saudi Fransi

“This is a step towards the right direction in the sense that Dubai is trying to accumulate extra revenue – revenue needed for the year to come – in order to accommodate its debt obligation repayment needs,” Sfakianakis said in an interview with Arabian Business.

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