Dubai's biggest debt-raising operation to emerge since the Dubai World financial crisis has just been launched ahead of a September deadline to pay back a US$3.75 billion (Dh13.77bn) loan in three months.
But as the deadline nears, the efforts - believed to have been successful - of the Investment Corporation of Dubai (ICD) to raise $2.8bn in new bank finance has stirred questions in the banking world on how the Government's investment arm plans to repay the rest.
The corporation is the third pillar of what is known informally as Dubai Inc and is the holder of the so-called "good assets", but questions have arisen on what options ICD has on managing its debt finances before and beyond the due date.
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