Dubai in Talks with Banks to Raise Finances as COVID-19 Affects the Economy

Dubai has initiated talks with banks regarding a potential bond sale or a loan to revive its economy, which is affected by the on-going COVID-19 pandemic, according to industry experts. However, no public announcement has been made by the Dubai government on this matter till date.

With an economy heavily dependent on tourism and trade, industry experts predict that the business and travel hub of the Middle East is susceptible to the economic impacts of COVID-19 as Dubai has already enforced full day movement restrictions to stop the spread of the virus. Earlier, Dubai announced the postponement ifof the Expo 2020 exhibition by one year (now set for October 2021) and had also announced a bail-out for its national flag car...