(Reuters) – Dubai will be able to meet all debt obligations due in 2011, including a $4 billion loan owed by its investment fund, a member of the Gulf Arab emirate’s top fiscal body said on Tuesday.
Ahmed Humaid al-Tayer, part of the Supreme Fiscal Committee which was tasked with steering Dubai through a crippling debt crisis, also said the emirate’s economic outlook was “looking good” in 2011.
Dubai has about $30 billion of debt maturing over the next two years, with $12 billion of that due this year. The largest is the $4 billion loan to Investment Corporation of Dubai which falls due in November.
When asked whether Dubai would meet debt obligations coming due in 2011, Tayer said: “Do you have any doubt?”
The emirate was bailed out by wealthy neighbour Abu Dhabi in 2009 with a last-minute $10 billion lifeline helping its Dubai World property unit Nakheel narrowly avoid default on Islamic bonds.
Tayer is also governor of the Dubai International Financial Centre (DIFC)
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