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03-Oct-2019

Dubai ready to take on more debt if needed

Dubai continues to service its debt and is ready to take on more if needed, an economic official said Wednesday, adding that current debt was USD124bn. "We continue to service the debt on time, as scheduled. We are ready to take on more debt, if need be," Raed Safadi, the chief economic adviser at Dubai's Department of Economic Development, said. His comments came after Reuters had reported on 10 September, citing sources, that the government of Dubai has held talks with banks about a potential issue of USD-denominated bonds, in what would be its first international debt sale since 2013. 

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