Investors are cautious about the ability of some of Dubai's government-related entities to refinance their debt piles even as the emirate works to restore confidence in its financial health, a managing director at Moody's said on Monday.
While economic zone Jebel Ali Free Zone (JAFZA) and Dubai International Financial Centre Investments (DIFCI) have been chipping away at their $1.25 billion and $2 billion debts maturing next year, there is still a lack of clarity as to how the firms will refinance, said David Staples, managing director of EMEA corporate finance at the ratings agency.
"There's a question mark in the eyes of investors as to how they're going to do that. Dubai should be seen as supportive and Dubai is assumed to be supportive," he said, speaking at the Reuters Middle East Investment Summit.
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