Gulf Companies Face ‘Wall’ of Debt Due in 2012, Moody’s Says - BusinessWeek

Gulf Arab companies have $28 billion of debt maturing in 2012, about a fifth of liabilities outstanding among companies of the six-nation Gulf Cooperation Council, according to Moody’s Investors Service.

“The 2012 wall of maturing debt poses a major challenge for GCC corporates,” Martin Kohlhase, an analyst at Moody’s Middle East in Dubai, wrote in an e-mailed report today. “The majority of this maturing debt is held by entities based in Dubai and Abu Dhabi, especially investment holding companies and real estate developers and related companies.”

GCC companies have an estimated $145 billion of debt outstanding, Moody’s said. The GCC includes the United Arab Emirates, Saudi Arabia, Kuwait, Oman, Bahrain and Qatar.