The total debt of cash-strapped Dubai could be as much as 170 billion dollars, much higher than earlier reported, according to a report by EFG-Hermes regional investment bank.
“The total debt held by Dubai Inc could well be in the range of 130-170
billion dollars,” the bank said in its 2010 UAE Yearbook, a copy of
which was received by AFP on Tuesday.
Dubai Inc is a term used to refer to the Dubai government and its government-related entities.
Dubai shook world markets in November when it said it wanted to request
a freeze on debt repayments by its largest and most-indebted
conglomerate, Dubai World.
At the time, Dubai’s total debt, including that of its state firms, was
reportedly 80 billion dollars, with Dubai World owing 59 billion