By Shaji Mathew www.businessweek.com
Sept. 27 (Bloomberg) — Dubai’s government had outstanding direct debt of 105.47 billion dirhams at July 31 this year, according an updated bond prospectus published on the London Stock Exchange today.
The debt includes funds borrowed by the Dubai government to finance the expansion of Dubai International Airport, the first phase of the construction of Al Maktoum International Airport, other infrastructure projects in Dubai, borrowings by Investment Corp. of Dubai, and related party debt from the Abu Dhabi government and the Central Bank of the U.A.E. for the Dubai Financial Support Fund and the restructuring of the Dubai World Group, according to the prospectus.
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