Dubai needs billions to pay debt

AN ANALYST at credit rating firm Standard & Poor says Dubai has "insufficient" funds to pay back billions of dollars worth of debt coming due, putting added pressure on the city-state to raise additional cash.

AN ANALYST at credit rating firm Standard & Poor says Dubai has "insufficient" funds to pay back billions of dollars worth of debt coming due, putting added pressure on the city-state to raise additional cash.

S&P's Farouk Soussa said yesterday the sheikdom has about $4billion (R29,5billion) from a February bond issue, but must cover as much as $50billion over the next three years. - AP

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