#Dubai Said in Talks to Raise Funds as Shutdown Weighs on Economy - Bloomberg

Dubai Said in Talks to Raise Funds as Shutdown Weighs on Economy - Bloomberg:

Dubai is in talks to raise funds to shore up its finances as the deadly coronavirus shuts down much of the economy, according to people familiar with the matter.

The emirate’s Department of Finance is holding discussions with banks about a potential bond sale or loan, the people said, asking not to be identified because the information is private. Talks are at an early stage and no final decision has been made, they said.

A representative for Dubai’s Department of Finance declined to comment.

The Middle Eastern business and travel hub -- like many other cities around the world -- is in full lockdown as it seeks to halt the spread of the virus. Dubai is especially vulnerable as the city relies heavily on tourism and trade. Its flagship Emirates airline has grounded passenger flights and the Expo 2020 exhibition scheduled for October is set to be delayed by a year.