Dubai’s early debt repayment will stand it in good stead – ZAWYA

Dubai’s early debt repayment will stand it in good stead – ZAWYA

Dubai's early debt repayment will stand it in good stead | ZAWYA MENA Edition HomeEconomyGCCArticleDubai's early debt repayment will stand it in good stead Dubai has proved that it is sophisticated and resourceful in its approach to financial issues, and - more importantly - that it is as good as its word when it comes to dealing with global capital markets    Image used for illustrative purpose. Stock Market Exchange on a skyscraper in dubai background.We could all do with a bit of good news amid the continuing carnage in the global economy in the wake of the COVID-19 pandemic.Dubai supplied it earlier this week in the form of an announcement that it had repaid the last tranche of debt left over from the 2009 existential threat at the height of the global financial crisis.Anybody who was involved in the tense situation back then will remember the atmosphere well. Dubai World, one of the main government-owned conglomerates, found it could not repay a relatively small sukuk - about $4 billion - and suddenly the whole of its liabilities, and those of the emirate, were at risk of default.Dubai supplied it earlier this week in the form of an announcement that