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Overseas Property News
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UAE to inject £6.9bn into Dubai
Country: Dubai, United Arab Emirates
24 February 2009
The Dubai property market will receive a $US10bn (£6.9bn) injection to help it through the existing economic slump, according to reports coming out of the UAE.
Multi-billion pound construction projects have been suspended across the emirate, due to a slump in international demand for property in Dubai.
The cash injection from the UAE central bank will help to fund much of Dubai’s recent growth, which has been largely financed through international borrowing.
The Dubai government said that it would issue US$20bn (£13.8bn) in long-term bonds, and that the first instalment of $US10bn (£6.9bn) was fully subscribed by the UAE’s central bank.
A statement by the UAE said the bond issuance would provide Dubai “with the necessary liquidity to substitute the liquidity that has dried up globally in the last 12 months and accordingly meet all upcoming financial obligations”.
Financial experts have question whether Dubai will be able to repay all of its debts, especially as the emirate’s property market continues to cool.
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