#Dubai cuts public debt by $7.8bln to 25% of GDP

Dubai cuts public debt by $7.8bln to 25% of GDP

Dubai has reduced its public debt by AED29 billion ($7.8 billion) as it managed to settle some of its loans amid strong economic recovery.

The reduction consequently brings down the emirate’s debt burden as a share of its gross domestic product (GDP) to 25%, the Dubai Media Office said on social media, citing the Public Debt Management Office of the Department of Finance.

The decline is achieved across all debt classes in the government’s debt portfolio, including a full redemption of Sukuk certificates worth AED3.3 billion.

It also includes the repayment of bilateral and syndicated facilities amounting to AED5.2 billion and a partial settlement of AED20 billion from the financing extended by the Abu Dhabi government and UAE Central Bank.