Abu Dhabi’s recent Dubai bail-out may have removed some of the immediate risks of default in the emirate but the saga has left a bitter taste in the mouths of many investors – and led to calls for greater transparency in the United Arab Emirates.
Dubai has admitted that it owes about $80bn, but the restructuring of the Dubai World conglomerate announced earlier this month has revealed a mass of undisclosed loans. Some analysts estimate that the emirate could owe as much as $150bn in total.
The disparity highlights the fact that the official statistics and forecasts that are available are often either lacking or misleading, say bankers. This has meant that during the past year and more, the research teams of international and regional banks have proved vital sources of information and analysis.
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