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 on Wednesday, adding that current debt was $124 billion, Reuters reported. “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 advisor at Dubai’s Department of Economic Development, said at an event. His comments came after Reuters had reported on Sept. 10, citing sources, that the government of Dubai has held talks with banks about a potential issue of U.S. dollar-denominated bonds, in what would be its first international debt sale since 2013. Rating agencies have warned Dubai about the debt of state-owned entities amid an economic slowdown in the region. Read more