Indebtedness
Our debt profile showcases a resilient financial position, encompassing a diverse range of debt instruments. As of December 31, 2023, the total outstanding debt amounts to AED 116 billion, marking a 19.7% decrease from the previous period, with a Debt-to-GDP ratio of 22.7%.
This debt includes funds raised by the Government to finance:
Our proactive debt management strategies include innovative refinancing plans, robust risk mitigation measures, and a well-distributed debt repayment schedule. The government's varied debt portfolio positions it well for long-term financial stability and the ability to adapt to changing market conditions. The DMO strives to diversify the funding sources and ensuring an efficient market for government securities, while maintaining a high level of transparency that fosters confidence in Dubai's credit profile. The DMO is committed to adhere to the international best practices and standards and ensuring financial excellence.
Key Figures
(1) As of November 2024
(2) Based on 2023 GDP Figures
(3) Based on 2023 actual government operations
Public Debt Analysis
Guarantees And Contingent Obligations
The government is in alignment with its commitment to support key strategic projects. In this respect, the government has provided shortfall guarantees and payment undertakings for a range of projects led by the Expo Dubai 2020, the Dubai Water and Electricity Authority (DEWA), and the Dubai Municipality. A substantial share of these contingent obligations, amounting to 97%, is allocated to supporting environmental projects under the Dubai Clean Energy Strategy 2050 (DCES 2050). The following presents key figures associated with these obligations:
Expo 2020 Projects
The shortfall guarantees aggregate to an amount of AED 1.4 billion outstanding as of June 30, 2024.
DEWA’s Solar and Other Energy Projects
Payment undertakings aggregate to an amount of AED 49.0 billion, with AED 29.7 billion outstanding as of June 30, 2024.
Dubai Municipality’s Dubai Waste Management Project
Payment undertakings aggregate an amount of AED 5.2billion, with AED 3.8 billion outstanding as of June 30, 2024.
Issuance Program
Dubai DMO Funding Limited-Trust Certificate Issuance Program
Arrangers and Dealers
Dealers
Government OF Dubai -Euro Medium Term Note Program
Arrangers and Dealers
Dealers
Dubai DoF Sukuk Ltd-Trust Certificate Issuance Program
Arrangers and Dealers
Dealers
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