Dubai Repays $5.5 Billion of Crisis-Era Loans to Cut Debt Load - Bloomberg
Dubai said it began repaying a $20 billion bailout loan from Abu Dhabi and the country’s central bank, as part of an effort to reduce its debt burden almost 15 years after the sheikhdom teetered on the brink of default.
Taking advantage of an economic recovery, the emirate lowered its total debt to 25% of gross domestic product with payments that include 20 billion dirhams ($5.5 billion) to Abu Dhabi and the central bank. Dubai shelled out a combined 28.5 billion dirhams within a year and a half, its media office said Tuesday on social media site X, citing its debt management office.
It didn’t give details as to what liabilities were still included in its calculations, and the media office wasn’t able to comment when approached separately by Bloomberg. Dubai isn’t rated by any of the three major credit assessors.
S&P Global Ratings earlier estimated Dubai’s direct government debt at 244 billion dirhams, equivalent to around half the emirate’s economic output. Its broader debt climbs to 100% of GDP when including money owed by state-related entities, according to S&P.
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