Dubai Inc bondholders should look to the beach and not the boardroom as US$13 billion (Dh47.75bn) in debt comes due this year.
The tourist dollar is just one reason why the impending wall of debt facing the emirate is looking much more manageable.
Dubai welcomed 9.3 million hotel guests last year, duty free sales are at record highs and the malls are bustling. The rebound is helping to bring fresh confidence to credit markets and supporting the price of bonds of even some of the most indebted government-related companies. The question now is how they will benefit from that trend when their debts come due in the months ahead.The tourist dollar is just one reason why the impending wall of debt facing the emirate is looking much more manageable.
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