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

Public Debt Analysis

The Government also has contingent liabilities under guarantees incurred by it as of September 2023

The direct debt of the Government was AED 138 billion as at 30 September 2023.
Maturity Profile
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
Expo 2020 Projects

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

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

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