Oct 20 2009 |
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Investor meetings planned by Dubai
The Dubai government plans to meet with fixed income and Islamic investors in Asia, the UAE and Europe starting October 22, a banker involved in the transaction told the Bloomberg newswire.The banker added that Standard Chartered , Dubai Islamic Bank and UBS are among those arranging the meetings with investors.
The news came as a study last week by the Standard and Poor's credit ratings agency said that state-related companies in Dubai are due to repay nearly $50 billion in debt - 70 per cent of the emirate's estimated GDP - within the next three years.
There is a "significant" likelihood the Dubai government will have to give financial support to at least some of the companies, the credit ratings agency said, estimating that the government and the various companies owe $80 to $90 billion in total.
"It is anyone's guess how much the government of Dubai is going to need to support that debt and it is anyone's guess how much money the government of Dubai has to support that debt," Farouk Soussa, head of Middle East government ratings at Stan-dard and Poor's said recently.
The report said it is "almost certain" finance group DIFC Investments and Dubai Hold-ing Commercial Operations Group will need special government help, while the report said the likelihood of Jebel Ali Free Zone and ports operator DP World needing support is "very high".
In February, the Dubai government launched a $20 billion bond programme to help it meet its financial obligations and the UAE Central Bank subscribed to the first tranche of the programme, $10 billion.
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