The United Arab Emirates is on a borrowing binge -- and looks set to extend its debt-issuance spree well into the new year.
Companies as well as sovereign entities in the UAE -- one of the highest-rated emerging markets -- issued $38.4 billion of dollar debt this year. That was 54% more than last year and the most since the Covid-induced financing splurge of 2020, according to data compiled by Bloomberg. Federal and emirate-level government bonds led the charge, unlike last year when corporates were the biggest borrowers.