May 25 2010 |
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Dubai debt well under control: industry
Apart from senior Dubai officials, a cross-section of market movers and captains of finance and industry have also reiterated -- speaking on the sidelines of the Menasa Forum -- that the emirate's debt obligations are well under control.Suresh Kumar, CEO of Emirates NBD Capital and Emirates Financial Services, said the restructuring of other debts would be easier than Dubai World , which has complex stakeholders.
He said: "The rest of the debts... will be restructured smoothly. They are relatively straightforward."
A DIC spokesman said it is "servicing its debt obligations". Empower CEO Ahmad Bin Shafar said the firm will have no difficulty in paying its loan on time.
By next year, Dubai has to service $22bn debt. The big ones are Port Customs & Free Zone ($7.8bn), Investment Corp of Dubai ($6bn), Dubai Drydocks ($2.2bn); Dubai Holding ($1.1bn) and DAE ($1bn). In 2012, about $10bn need to be serviced.
"Dubai will absolutely manage all its obligations," said Arif Naqvi, Founder and Group Chief Executive Officer of Abraaj Capital. George Kabban, CEO United Insurance Brokers (DIFC) , added: "We've seen Dubai walk the talk, so I think this is manageable."
By Karen Remo-Listana
© Emirates Business 24/7 2010
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