Moody’s said yesterday it was considering downgrading the ratings of six Dubai corporate entities because of the worsening macro-economic environment in the Gulf’s business hub.
The credit ratings agency said the emirate’s economy was more exposed to the global downturn than those of its Gulf peers, which depend on oil revenues rather than sectors such as property, trade and finance.
The government-owned and government-linked companies under review are: DP World, the global ports operator; DIFC Investments, the investment wing of the financial centre; Dubai Electricity & Water Authority; Jebel Ali Free Zone, a vast business park located next to the emirate’s main port; real estate group Emaar Properties; and the non-financial businesses of the Dubai Holding conglomerate owned by the emirate’s ruler.
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