Dubai Digits

Marla Singer's picture

Debt:

United Arab Emirates (via Bank of America - Amortization figures only):

Total Debt: $184 billion

of which...

Dubai:     $88 billion
Abu Dhabi: $90 billion

Dubai:

Due in:
2010: $12.0 billion
2011: $19.0 billion
2012: $18.0 billion
2013: $ 7.5 billion
2014: $ 5.5 billion

Abu Dhabi:

Due in:
2010: $ 8.5 billion
2011: $14.7 billion
2012: $10.0 billion
2013: $12.4 billion
2014: $ 9.4 billion

UAE:

Due in:
2010: $22.0 billion
2011: $34.7 billion
2012: $29.0 billion
2013: $20.3 billion
2014: $14.9 billion

Dubai World:

Total Debt $26.5 billion
Due in next 36 months: ~$20.4 billion

Creditors:

Of United Arab Emirates (By Origin via Credit Suisse citing Bank for International Settlements):


United Kingdom: $50.2 billion
France:         $11.3 billion
Germany:        $10.6 billion
United States:  $10.6 billion
Japan:          $ 9.0 billion
Switzerland:    $ 4.6 billion
Netherlands:    $ 4.5 billion

Of United Arab Emirates (By Entity via Credit Suisse, citing Emirates Bank Association):

HSBC Bank Middle East Limited: $17.0 billion
Standard Chartered Bank:       $ 7.8 billion
Barlays Bank Plc:              $ 3.6 billion
ABN-Amro (RBS):                $ 2.1 billion
Arab Bank Plc:                 $ 2.1 billion
Citibank:                      $ 1.9 billion
Bank of Baroda:                $ 1.8 billion
Bank Saderat Iran:             $ 1.7 billion
BNP Parabas:                   $ 1.7 billion
Lloyds:                        $ 1.6 billion

Other notes of note:

  • UBS speculates that (among other possibilities) $80-90 billion (which is already over 100% of GDP) may be a low figure for Dubai's debt and that significant "off-balance sheet" amounts might explain the restructuring attempt
  • The Dubai government is on holiday (Eid Al-Adha) until December 6th
  • Abu Dhabi's Sovereign Wealth Fund (generally thought to command upwards of $500 billion) may have significantly less available.  (Rumors of $125 billion in 2008 losses abounded last year).  Bloomberg quotes sources to the effect that Abu Dhabi SWF's AUM has been "overstated, sometimes by as much as 100 percent."