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 25%.

This debt includes funds borrowed by the Government to finance

The Development and Expansion of
Dubai Airports

The Development and Expansion of
Dubai Metro rail network

Other Strategic
Infrastructure Projects

Icon Prev
Icon Next

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

Total Public Debt (1)

Sub for Total Public Debt (1)
116.0
Billion
Arrow 19.7 % Compared to 2022

Debt to Nominal GDP (3)

Sub for Debt to Nominal GDP (3)
25
%

Interest Cover (2)

Sub for Interest Cover (2)
15.1
x

Debt to Primary balance (2)

Sub for Debt to Primary balance (2)
7.7
x

Interest to Expenditure (2)

Sub for Interest to Expenditure (2)
6.8
%

Fixed Rate Debt (1)

Sub for Fixed Rate Debt (1)
67
%

1. Actuals of FYE-2023

2. Based on 2023 Budget Figures

3. Based on 2023 Nominal GDP

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.

Image of Expo 2020 Projects

Expo 2020 Projects

The shortfall guarantees aggregate to an amount of AED 1.5 billion outstanding as of December 31, 2023.

Image of DEWA’s Solar and Other Energy Projects

DEWA’s Solar and Other Energy Projects

Payment undertakings aggregate to an amount of AED 49.0 billion, with AED 29.0 billion outstanding as of December 31, 2023

Image of Dubai Municipality’s Dubai Waste Management Project

Dubai Municipality’s Dubai Waste Management Project

Payment undertakings aggregate an amount of AED 5.2billion, with AED 4.0 billion outstanding as of December 31, 2023

Issuance Program

Dubai DMO Funding Limited-Trust Certificate Issuance Program 

October 02, 2023
2023-10-02

Arrangers and Dealers

Logo Arrangers and Dealers - 1
Logo Arrangers and Dealers - 2

Dealers 

Dealers - 1
Dealers - 2
Dealers - 3

Government OF Dubai -Euro Medium Term Note Program 

July 29, 2020
2020-07-29

Arrangers and Dealers

Logo Arrangers and Dealers - 1

Dealers 

Dealers - 1
Dealers - 2
Dealers - 3
Dealers - 4

Dubai DoF Sukuk Ltd-Trust Certificate Issuance Program

July 29, 2020
2020-07-29

Arrangers and Dealers

Logo Arrangers and Dealers - 1
Logo Arrangers and Dealers - 2

Dealers 

Dealers - 1
Dealers - 2
Dealers - 3
Dealers - 4
Dealers - 5

Due to applicable legal restrictions, electronic versions of these materials are not directed at or accessible by persons who are unable to give the confirmations set out on the preceding page. We apologise for any inconvenience caused.

Disclaimer

ELECTRONIC VERSIONS OF THE MATERIALS YOU ARE SEEKING TO ACCESS (THE “MATERIALS”) ARE BEING MADE AVAILABLE ON THIS WEBSITE IN GOOD FAITH AND ARE FOR INFORMATION PURPOSES ONLY. THE MATERIALS ARE NOT DIRECTED AT OR ACCESSIBLE BY PERSONS IN THE UNITED STATES OR ANY OTHER JURISDICTION WHERE THE EXTENSION OF AVAILABILITY OF, OR OTHER DEEMED ACCESS TO, THE MATERIALS WOULD BREACH ANY APPLICABLE LAW OR REGULATION.

Access to and use of this website is conditional upon agreement to and compliance with these terms and conditions of access (the “Terms and Conditions”). By accessing the Materials, you acknowledge the Terms and Conditions and agree not to undertake any act or omission that would constitute a breach of the Terms and Conditions.

The Materials do not constitute or form a part of any offer or solicitation to underwrite or purchase securities in the United States or in any other jurisdiction.Any securities to which the Materials relate (“Securities ”) have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or under any applicable securities laws of any state or other jurisdiction of the United States, and may not be offered, sold, resold or delivered in or into the United States absent registration under the Securities Act or an available exemption from registration. No public offering of Securities will be made in the United States. In addition, unless an exemption under relevant securities laws is applicable, any such Securities may not be offered, sold, resold or delivered in or into any other jurisdiction if to do so would constitute a violation of the relevant laws of, or require registration (or other action to be taken that is not intended to be taken in respect) of such Securities in, the relevant jurisdiction. Any offering of Securities, when made, will be made solely by delivery of a prospectus, prospectus supplement, offering circular, offering circular supplement, offering memorandum or other offering document as part of a syndication process, and not by means of this website.

The Materials are only addressed to and directed at persons in member states of the European Economic Area (the “EEA”) or in the United Kingdom who are not retail investors, for which purpose, “retail investor” means:

  • 1

    A retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”);

  • 2

    A customer within the meaning of Directive (EU) 2016/97 (the “Insurance Distribution Directive”), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or

  • 3

    Not a qualified investor as defined in Regulation (EU) 2017/1129 (the “Prospectus Regulation”).

In addition, in the United Kingdom, the Materials are being distributed only to, and are directed only at: (A) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”); (B) persons falling within Article 49(2)(a) to (d) of the Order; and (C) other persons to whom the Materials may otherwise lawfully be communicated in accordance with the Order (all such persons in (A), (B) and (C) above together being referred to as “relevant persons”). Any investment or investment activity to which the Materials relate is available only to relevant persons in the United Kingdom and to non-retail investors in the United Kingdom and in any member state of the EEA, as described above and any other persons should not rely on it.

If you are not permitted to view the Materials or are in any doubt as to whether you are permitted to view the Materials, please exit this webpage. The Materials must not be released, copied or otherwise forwarded, distributed or sent in or into the United States or any jurisdiction in which such offers or sales are unlawful. Persons receiving such documents (including custodians, nominees and trustees) must not distribute or send them in, into or from the United States.

This website does not purport to provide any financial, investment, tax, accounting,Shari’a or legal advice or recommendation.

 

Confirmation of understanding and acceptance of disclaimer

By clicking “I CONFIRM” below and proceeding to view the Materials to which this page gives access, I confirm, represent, warrant and agree that:

  • 1

    I am not resident or otherwise located in the United States and am not resident or otherwise located in any other jurisdiction where accessing the Materials is unlawful, and I will not transmit or otherwise send any Materials to any person in the United States or any other jurisdiction where to do so would breach applicable local law or regulation; AND

  • 2

    If I am in the EEA or the United Kingdom, I am not a retail investor and, if I am in the United Kingdom, I am a relevant person, in each case, as defined above; AND

  • 3

    I have not made and will not make any offer of Securities other than in accordance with applicable law and regulation, and I will not engage in any activities related to the website that are contrary to applicable law or regulation, or the Terms and Conditions; AND

  • 4

    I have read and understood, and acknowledge and agree to, the Terms and Conditions; I will use the website solely for my own use in accordance with the Terms and Conditions; I will not undertake any act or omission that would constitute a breach of the Terms and Conditions; I understand that any acknowledgment, agreement or other type of click through button on the website that is selected to evidence agreement or an acknowledgement shall have the same force and validity as a paper copy of an agreement that has been manually signed and delivered.

Bond Graph Monitor