DUBAI: The Persian Gulf emirate, Dubai, that own stakes in London Stock Exchange Group Plc and Nasdaq OMX Group Inc, may have to sell assets to help fund about US$80bil of debt maturing in the next five years.
The emirate – home to the world’s tallest skyscraper – may also step up bond sales to refinance debt after the United Arab Emirates central bank enacted rules forcing domestic banks to curtail loan exposure to government-related enterprises known as GREs, according to economists at Bank of America Merill Lynch and National Commercial Bank of Saudi Arabia. In its pursuit to transform into a tourism, trade and transport hub, Dubai amassed publicly-held debt amounting to 149% of economic output in 2011, Bank of America Merill Lynch estimates show.
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