But around half of GRE debt is due to mature between now and 2021,” said Jason Tuvey, senior emerging markets economist at Capital Economics.

Analysts and financial industry sources say it could force the state to seek a bailout similar to the one extended by oil-rich Abu Dhabi after a 2009 financial crisis. Most hotels sit empty and tourism is nonexistent: there have been no inbound passenger flights for non-UAE nationals since March 24.

“Debt restructurings in 2014 have masked the problems in recent years. Related Tags World economy Dubai's economy grew 1.94 percent in 2018, the government said on Wednesday, hitting its slowest pace since a contraction in 2009 when the economy was hobbled by a debt crisis. Dubai ruling family has moved to calm investors' fear over its economic stability after stock markets tumbled around the world. Data is a real-time snapshot *Data is delayed at least 15 minutes. Dubai's financial crisis: a Q&A Dubai, the gulf emirate that has grown explosively over the last decade, is now at the centre of markets' attention on fears that it could struggle to repay its debt. Analysts and financial industry sources say it could force the state to seek a bailout similar to the one extended by oil-rich Abu Dhabi after a 2009 financial crisis. Its hotels and restaurants are internationally acclaimed, but nearly half the restaurants and hotels surveyed by the organization expected to go out of business in the next month alone. The double-shock impact is pushing economic activity down to levels not seen even during the financial crisis," the Dubai Chamber wrote in its report released Thursday, entitled "Impact of Covid-19 on Dubai Business Community. Capital Economics is forecasting GDP growth of 3.8 percent this year before a pick-up to 4.5 percent in 2020. This encouraged a belief that a rescue package was already in place, probably funded by Abu Dhabi. According to the Financial Action Task Force (FATF) 2020 evaluation on the United Arab Emirates (UAE), the UAE has twenty-nine commercial free zones and two financial free zones. Dubai needed a $20 billion bailout from oil-rich Abu Dhabi to escape a debt crisis in 2009 caused by collapsing property prices, which had threatened to force some state-linked companies to default on billions of dollars of debt. REUTERS/Satish Kumar That could possibly lead to the government being on the hook for the cash once again if those GREs can't pay or can't refinance their debts.Already the local stock market is showing signs of investor fears about the future. Investors in the Persian Gulf need to watch out. Last year Dubai's economy grew at just 1.94%, its slowest pace since the dark days of its near economic collapse in 2009. The fall in prices for crude oil over the past half decade have squeezed Gulf governments and private enterprises alike. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.A picture shows the closed compound of the Dubai Mall amid the COVID-19 coronavirus pandemic on March 23, 2020 in the United Arab EmiratesExpat job losses in the UAE will add to troubles in the GCC: EconomistI so far think we're looking at a minimum population contraction of 10% for the year.Former Director General, Dubai Department of Finance
For a country that relies on an 80% expatriate population for much of its economic activity, the stakes are even higher: if residents can no longer find work, they will likely return to their home countries, depleting the consumer base needed to enable any economic recovery.

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