Dubai Slashes Public Debt By AED29 Billion In Just 16 Months
Dubai’s government has made impressive strides in managing its public debt, reducing it by approximately AED29 billion ($7.9 billion) to reach 25% of the emirate’s domestic product within just 16 months. This significant achievement follows the establishment of the Public Debt Management Office (PDMO) in May of the previous year, operating under the Dubai Department of Finance (DOF).
Despite facing global economic challenges, the DOF not only improved Dubai’s financial efficiency but also capitalized on opportunities. These efforts included redeeming sukuk certificates worth AED3.3 billion, repaying bilateral and syndicated facilities totalling AED5.2 billion, and partially settling AED20 billion of financing extended by the Abu Dhabi government and the UAE Central Bank.
Their public debt-to-GDP ratio now sits comfortably at 25%, way below the usual international benchmark of 40% to 60%. In simple terms, Dubai’s got its finances in a good place, and it’s all about being a smart player on the world’s economic stage
And the real kicker here is that Duai managed this while gearing up for some major projects like Dubai Urban Plan 2040 and the Dubai Economic Agenda (D33).
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