Dubai is back on the road, armed with a clutch of fancy power-point presentations. But the government can’t conceal the cap in its hand.
The department of finance said today it would run a roadshow for fixed-income investors in Asia from August 26 in Hong Kong. The event is supposedly “non-deal”, meaning there is no bond issuance in the offing, but that is hard to believe.
Although it is billed merely as an “update” to existing and potential global investors about the Dubai economy, which is still creaking under a $110bn mountain of debt, a similarly disingenuous statement was made last time the department approached investors, a European roadshow in June.
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