Dubai’s government debt burden to fall this year amid robust economic momentum, S&P says – The National

Dubai’s government debt burden to fall this year amid robust economic momentum, S&P says – The National

Debt burden of Dubai's government as share of the emirate’s gross domestic product will fall this year as its economy will continue to grow robustly despite global macroeconomic headwinds, S&P Global Ratings has said.

Dubai's gross general government debt is expected to drop to 51 per cent of its GDP in 2023 from a cyclical high of 78 per cent in 2020, the rating’s agency said in its latest report on the emirate’s economy.

“The government's debt stock could fall even faster if the reduction in nominal debt, which occurred in 2021 and to a more significant extent in 2022, continues over the coming years,” S&P said.