Emirates NBD bank showing good results
But its main shareholder, the indebted Dubai government, continues to raid its piggy bank. In the past six months, Dubai borrowed an extra Dh7bn from the lender, in which it holds a 55.6 per cent stake, extending its overdraft to Dh98.6bn ($26.8bn.).
Five years on from its sovereign debt crisis, Dubai’s economy has recovered and is booming again. But the emirate’s debt burden remains at around $130bn.
Tourism, transportation, logistics and manufacturing are all helping boost the recovery. The positive impact of this prompted Moody’s earlier this month to upgrade its outlook on ENBD’s ratings from negative to stable.
The original text was written by Simeon Kerr
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