News - Dubai to Raise Money on World Markets

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As global markets are rallying, Dubai is taking the opportunity to raise more funds to revitalise its plan for consolidation and to also fast track its return to growth. The fund raising world tour will start in Europe on Thursday in Europe, Asia and The UAE. Another positive piece of news was the fact that Nakheel, one of Dubai’s largest developers, repaid 4.4billion Dirhams in debt to banks last week in another initiative signalling the return financial wealth of the Emirate.

Chavan Bhogaita, Head of Credit Research at The National Bank of Abu Dhabi, stated: ‘..to find out that Nakheel has paid back what is not an insignificant amount of money. Sentiment is certainly moving in the right direction.’ Investor appetite for emerging markets such as Asia, Latin America and The Gulf is returning which the increasing opportunity to borrow a weakening dollar at low interest rates. This is further indication that the resurgence of the Dubai property market will take place ahead of the predicted schedule.