Dubai World $60 Bln Liabilities A Sign Of Emirate's Debt Woe

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Government-owned Dubai World holds almost $60 billion in liabilities on its balance sheet, raising concerns that the sheikdom's debts may be far greater than initially thought, recent figures show.

At the end of last year, the conglomerate had 217.8 billion U.A.E. dirhams ($59.1 billion) in liabilities against AED365.8 billion in assets, according to a statement posted on NASDAQ Dubai's Web site on July 31.

The figures may indicate that the total debt held by Dubai and its government-related entities greatly exceeds the official $80 billion announced last year when the emirate started to come to terms with the global financial crisis.