Bank of America Merrill Lynch Red Flags Dubai’s Debt (Again) - Middle East Real Time - WSJ:
"Dubai’s global financial crisis-induced slump, followed by a less dramatic, but equally sharp, recovery make for a compelling story. The endless flow of positive news in the desert emirate culminated late last year in Dubai winning the hosting rights for World Expo 2020.
But the smart people at Bank of America, Merrill Lynch are a little more sober in their analysis of Dubai’s rebound. Afterall, there’s still some pretty significant financial hurdles for the city’s government-related entities to clear.
“The recent news flow on Limitless and Dubai World highlights that the wave of restructured debt from 2015 onward is likely to be challenging,” Jean-Michel Saliba, a MENA economist at the bank, said in a recent report.
“We still expect Dubai to muddle through, though the current GRE refinancing strategy remains vulnerable if there are dislocations to global funding markets or shocks to growth.”"
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