Dubai reveals debt levels to dispel fears over growth

Dubai has bowed to international pressure and for the first time revealed the level of debt it has racked up during one of the biggest building sprees the world has According to one of Dubai's top property bosses, the emirate has $80bn (£54bn) of debt outstanding against a total asset base of $1.3 trillion.
The numbers were revealed as part of a series of speeches by Dubai's leaders who sought to confirm the emirate's claim to power in world finance and dispel rumours that its growth is stalling.ever seen. His Excellency Mohamed Ali Alabbar, chief executive of Emaar Properties and a member of Dubai's excutive council, said the figures were being revealed to end "international speculation" that the country is buckling under its leverage.
Speaking at the Dubai International Financial Centre (DIFC) Week, Mr Alabbar said: "I can state categorically the government can and will meet all of its obligations going forward and I have no doubt about this country's future.
"And if and when a crisis arises in one of our afflilated companies, will the government help? Yes we will."
Attacking the rumours head on, Mr Alabbar said: "There has been confusion and concern about how much Dubai owes and how its debt will be financed. Concern leads to speculation. So I can say that Dubai's current sovereign debt is $10bn or 37bn UAE Dirhams (AED). Our key sovereign assets at their current level of undervaluation stand at $90bn or AED350bn.
"This does not include our aiports, our bridges, our metro system or our healthcare. The total debt obligation of the government's affiliated companies is $70bn or AED256bn. This is compared to the total asset value of the affiliated companies of $260bn or AED950bn."
He added: "When we started the work in 1992, the Council was hit by rumours. We ran from them and we have been running from constant rumours for 18 years. Still there are rumours that we're selling our property assets or selling 50pc of Emirates airline. I can categorically state this is not true."

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