Dubai and its state owned companies carry at least $129.3bn of debt, of which $50.2bn is owed by Dubai World, the company that completed a loan restructuring in September, Credit Suisse Group said.
The second largest debt, $28.9bn, is owed by the government itself, the bank said in a research report emailed on Thursday. Investment Corporation of Dubai and Dubai Holding, two other holding companies, as well as other government related firms, account for the remaining $50.2bn, it said.
The number “comprises publicly disclosed debt of $111.1bn and debt on which disclosure is limited,” London-based analysts Mohamad Hawa and Anton Rozanov said in the research report. “The debt burden could be much higher than our final numbers owing to the lack of full disclosure.”
No comments:
Post a Comment