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Sovereign Wealth Funds Briefing - Categorized | Fund Management/Administration, Market

Dubai World says it has ‘no problem’ with borrowing

Posted on 15 October 2008

From Bi-me.com: Dubai World, the holding company for the developer of the man-made Palm islands and what will become the world’s tallest tower, said it has no problem borrowing and disputed forecasts that the Gulf state will need help from neighbouring Abu Dhabi.

Government-controlled companies owe at least US$47 billion, more than Dubai’s gross domestic product, and are accumulating debt at a faster pace than the economy is growing, Moody’s Investors Service said in a report yesterday. Dubai’s “potential reliance” on neighbouring Abu Dhabi may be “most significant” in coming years, Moody’s analysts said….. Full Article: Source


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