Dubai’s government has agreed terms on the largest loan issued by the emirate since the global financial crisis hit the business hub.
The five-year deal underscores rising optimism in a recovery for the emirate’s trade and tourism focused economy, though longer-term issues over debt repayment linger.
Investment Corporation of Dubai, the government holding company, will refinance $2.8bn of the $4bn tranche of its $6bn loan that matures this year, bankers and officials said.
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