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Sunday 26 September 2021
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Indebted Dubai plans to meet potential investors

The Dubai government is planning to meet with potential international investors this week as it tries to dig itself out from under at least $80 billion in debt.

Mitsubishi UFJ Securities International said Monday that Dubai’s department of finance will meet with fixed income and Islamic investors starting Thursday. At least some of the meetings are expected to include the department’s top official, Abdulrahman al-Saleh, Mitsubishi spokeswoman Julie Horiuchi said.

Al-Saleh has kept a low profile since he was installed as the emirate’s finance chief in May following the surprise ouster of his predecessor.

Mitsubishi, Dubai Islamic Bank, Standard Chartered and UBS Investment Bank are arranging the roadshow meetings on Dubai’s behalf, according to the statement. Horiuchi said the meetings would begin in Hong Kong, and likely include stops in Singapore, Dubai, London and Frankfurt.

A spokesman for the finance department who provided Mitsubishi’s statement to The Associated Press did not make any additional details public.

Dubai has struggled to find investors willing to help it repay or refinance its debt. Officials have said the debt stands at about $80 billion for the government and its numerous state-linked companies known informally as Dubai Inc. Analysts say the number could be higher.


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