Dubai to raise new funds in world markets

Dubai and its government-owned companies are paying off loans and seeking to tap international investors for fresh funds as the emirate takes advantage of improved economic conditions to tackle its US$85 billion (Dh312.16bn) debt burden.

The Government of Dubai has invited investors to attend a round of fund-raising presentations starting on Thursday in Europe, Asia and the UAE. The last time Dubai raised funds from international investors was in April last year.

In another positive sign, Nakheel, the heavily indebted developer owned by Dubai World, repaid Dh4.4bn in debt to banks last week.