IMF not concerned about Dubai's ability to repay debt



The International Monetary Fund said it is not worried about Dubai's ability to meet its financial obligations after the emirate that almost defaulted in 2009 successfully managed to reschedule payments.

"So far the government-related entities have managed debt rescheduling from 2009 quite successfully," Masood Ahmed, the head of the fund's Middle East and Central Asia department, said.

Dubai's government redeemed a Dh3.3 billion liability that matured in April, and three state-linked companies paid or refinanced US$3.75 billion of debt last year, bolstering investor confidence.

Dubai and its entities spent about $113bn to transform the emirate into a tourism and commercial hub, according to IMF estimates. The government has $26bn of principal payments outstanding on bonds, including $17.93bn maturing next year, data compiled by Bloomberg show. Moody's said in March that Dubai faces a "pivotal year" in 2014.

"Debt levels in Dubai are still quite high at about 100 percent of gross domestic product," Mr Ahmed said.

The emirate's economic growth may accelerate to 4 per cent this year as the construction and logistics industries revive, Mr Ahmed said. Dubai should take steps to avoid "another boom-bust cycle" in property, he said.

* Bloomberg News

About Okadoc

Date started: Okadoc, 2018

Founder/CEO: Fodhil Benturquia

Based: Dubai, UAE

Sector: Healthcare

Size: (employees/revenue) 40 staff; undisclosed revenues recording “double-digit” monthly growth

Funding stage: Series B fundraising round to conclude in February

Investors: Undisclosed

INFO

Schools can register for the Abu Dhabi Schools Championships at www.champions.adsc.ae

So what is Spicy Chickenjoy?

Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
 

BUNDESLIGA FIXTURES

Friday (all kick-offs UAE time)

Hertha Berlin v Union Berlin (10.30pm)

Saturday

Freiburg v Werder Bremen (5.30pm)

Paderborn v Hoffenheim (5.30pm)

Wolfsburg v Borussia Dortmund (5.30pm)

Borussia Monchengladbach v Bayer Leverkusen (5.30pm)

Bayern Munich v Eintracht Frankfurt (5.30pm)

Sunday

Schalke v Augsburg (3.30pm)

Mainz v RB Leipzig (5.30pm)

Cologne v Fortuna Dusseldorf (8pm)

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

UAE currency: the story behind the money in your pockets
Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

Tuesday's fixtures
Group A
Kyrgyzstan v Qatar, 5.45pm
Iran v Uzbekistan, 8pm
N Korea v UAE, 10.15pm
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TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%209
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Ms Yang's top tips for parents new to the UAE
  1. Join parent networks
  2. Look beyond school fees
  3. Keep an open mind

The Birkin bag is made by Hermès. 
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.

How to tell if your child is being bullied at school

Sudden change in behaviour or displays higher levels of stress or anxiety

Shows signs of depression or isolation

Ability to sleep well diminishes

Academic performance begins to deteriorate

Changes in eating habits

Struggles to concentrate

Refuses to go to school

Behaviour changes and is aggressive towards siblings

Begins to use language they do not normally use

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Law%2041.9.4%20of%20men%E2%80%99s%20T20I%20playing%20conditions
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THE SPECS

Engine: 6.75-litre twin-turbocharged V12 petrol engine 

Power: 420kW

Torque: 780Nm

Transmission: 8-speed automatic

Price: From Dh1,350,000

On sale: Available for preorder now