Dubai, the emirate that teetered on the brink of default in 2009, expects two of its main companies to refinance $3.25 billion of debt this year without government help as economic growth accelerates.
The second-biggest member of the United Arab Emirates federation doesn’t need to raise money from international bond markets in 2012 and has “no intention” to seek support from Abu Dhabi, Mohammed Al Shaibani, director general of the Dubai ruler’s court, said in an interview in Dubai. Abu Dhabi gave $20 billion to its neighbor in 2009 to help restructure debt.
“We have been proving everybody wrong in the last three years and this is going to be a fourth year proving everybody wrong,” he said. “Of course this year is much better than last year in every way you look at it.”
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