Dubai state firms due to repay $50b
State-related companies in Dubai are due to repay nearly 50 billion dollars in debt -- 70 percent of the Gulf emirate's estimated GDP -- within the next three years, Standard and Poor's said in a study published on Thursday.
There is a "significant" likelihood the government of the Gulf emirate will have to give financial support to at least some of the companies, the credit ratings agency said, estimating that the government and the various companies owe 80 to 90 billion dollars in total.
The companies include finance group DIFC Investments, ports operator DP World, Jebel Ali Free Zone (JAFZ), Dubai Multi Commodities Centre Authority (DMCC), Emaar Properties and Dubai Holding Commercial Operations Group (DHCOG).
It is "almost certain" DIFC and DHCOG will next special government help, while the likelihood of JAFZ and DP World needing support is "very high," the report said, adding that a lack of official statistics means there is a significant margin of error in the figures and this generates uncertainty.