Fitch Warns on $23 Billion of Dubai Inc. Debt Held by Banks - Bloomberg:
A “significant portion” of $23 billion in loans made to Dubai government-related companies maturing at the end of 2021 may need to be restructured -- again, according to Fitch Ratings Ltd.
Banks in the United Arab Emirates -- still suffering the fallout of Dubai’s 2010 property crisis -- are at risk once again due to falling home prices and non-performing loans, the ratings agency said in a report on Tuesday.
Oversupply, weaker consumer sentiment due to lower oil prices and a less supportive economic environment are all impacting prices, according to Fitch. Foreign buyers have also been deterred by the U.A.E. dirham appreciation and geopolitical tensions.
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