Dubai Debt Costs to Rise on $7.1 Billion Expo Spend: Arab Credit
This article is for subscribers only.
Dubai, which roiled markets with its request to delay $25 billion of debt payments in 2009, faces the prospect of rising borrowing costs if it succeeds in a bid to hold the Expo 2020 World Fair, Bank of America Corp. said.
The emirate needs about 26 billion dirhams ($7.1 billion) of infrastructure spending to host the event, HSBC Holdings Plc analyst Patrick Gaffney said by phone. At the same time, Dubai has approximately $42 billion of debt coming due over the next two years, Charlotte, North Carolina-based Bank of America said.