Dubai refinancing deal reached on $20 billion owedMarch 16, 2014 @ 7:30 am (Updated: 7:40 am - 3/16/14 )
DUBAI, United Arab Emirates (AP) — Dubai has reached an agreement with Abu Dhabi and the United Arab Emirates' central bank to extend payment of $20 billion of debt that was due this year.
Dubai built up tens of billions of dollars in debt during a building boom, but struggled to repay it as the global financial crisis battered its economy and property market. Dubai is one of seven emirates in the UAE.
The UAE's official WAM news agency reported Sunday that the deal gives Dubai five more years to repay the debt at a fixed interest rate of 1 percent. The term is renewable.
The debt consists of a $10 billion loan from the oil-rich emirate of Abu Dhabi, which is also the UAE's capital city, and another $10 billion in central bank bonds.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Taking On the Big Guys
Seattle's top consumer lawyer braces for GM battle
A family fights to get back Buddy after he was mistakenly adopted to someone else
Danny O'Neil says the Seahawks are set at the top but they have depth question at tight end
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.