Barclays Plc (BARC.L) is willing to extend financing to the debt-laden Dubai government if required and expects the emirate to support state entities in meeting their debt obligations this year, the British lender's regional head John Vitalo said.
His comments come at an important time for Dubai, which has restructured some $41 billion (26 billion pounds) debt in the last two years but which still faces refinancing risks related to three of its state-linked entities in 2012 amid a tightening global bank lending environment.
"We have a level of balance sheet to support Dubai Inc among other clients. We're committed to Dubai and the UAE but every credit decision has to stand up to its merits," Vitalo, Barclays' chief executive officer for the Middle East North Africa (MENA) region, said in an interview.
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