DUBAI Feb 19 Dubai has reached agreement on
rolling over $10 billion in debt extended by the central bank of
the United Arab Emirates during the global financial crisis, two
sources familiar with the matter told Reuters on Wednesday.
The emirate borrowed the money five years ago and the debt
is due to mature next month. It helped Dubai and its
state-linked companies avoid default during the crisis, when the
emirate's real estate market crashed.
"The deal is done," one source said, declining to be named
because the matter has not been formally announced.
"The debt will be rolled over at better terms," he added,
without giving details of the terms or saying for what period
the debt would be rolled over.
Official spokesmen and other central bank and government
officials in the UAE declined to comment or were unavailable to
The debt was widely expected to be rolled over. Dubai is now
recovering strongly from the crisis as its real estate market
and trade and tourism industries boom.