Dubai’s “house bank” on a roll – beyondbrics - Blogs - FT.com

Dubai’s “house bank” on a roll – beyondbrics - Blogs - FT.com:



"Emirates NBD, Dubai’s biggest bank, reported a 30 per cent increase in net profit in the first half as the emirate’s economy grows amid regional unrest.



But its main shareholder, the indebted Dubai government, continues to raid its piggy bank. In the past six months, Dubai borrowed an extra Dh7bn from the lender, in which it holds a 55.6 per cent stake, extending its overdraft to Dh98.6bn ($26.8bn.)



Five years on from its sovereign debt crisis, Dubai’s economy has recovered and is booming again. But the emirate’s debt burden remains at around $130bn."



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