A year after Dubai’s corporate flagship stunned global markets with plans to freeze payments on $25 billion in loans, the emirate is struggling to reduce a total debt load more than four times that amount.
Dubai and its state-controlled companies are grappling to service debt that Barclays Capital estimated in a September report to total about $112 billion -- equal to more than 140 percent of its gross domestic product. They amassed the loans during years of rapid growth in the property and tourism industries. One of seven sheikhdoms comprising the United Arab Emirates, Dubai lacks the energy wealth of neighboring Abu Dhabi and must boost revenue from trade and other businesses and by selling assets, analysts say.
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