Dubai, the Persian Gulf emirate that teetered on the brink of default in 2009, vowed to stand behind its “strategic investments” including those facing debt refinancing such as DIFC Investments LLC.
The government doesn’t anticipate that DIFC Investments, a unit of the emirate’s tax-free business financial center, or Jebel Ali Free Zone FZE, another business park, will have trouble refinancing bonds due next year, said Mohammed Al Shaibani, director general of Dubai ruler’s court.
“We’ll back up any strategic investment we have,” he said in an interview in Washington yesterday. “As Dubai, I have interest to back up the government entities and the government- related enterprises -- anything that’s sizable with a major benefit to the economy.”
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