Dubai: Dubai's corporate refinancing requirements in 2009 are expected to touch $15 billion (Dh55 billion), according to credit rating agency Moody's in its latest report.
This is nearly half of the total refinancing requirements of the Gulf Cooperation Council (GCC), estimated at $33 billion (Dh121 billion). The UAE's total refinancing requirements are put at approximately $19 billion (Dh70 billion).
Dubai companies in which the government has a stake, such as Dubai Holding, are included in Moody's estimate of the figures, and the report states that “addressing these maturities will be a significant challenge, although we do expect liquidity to return to the markets as 2009 progresses”.
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