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BofA expects Dubai to repay Abu Dhabi's loan by 2014
- United Arab Emirates: Wednesday, April 24 - 2013 at 04:03
Bank of America (BofA) has said the government of Dubai may make a payment toward its $20bn loan to neighbouring Abu Dhabi and the UAE central bank in 2014, as the emirate's economic recovery solidifies, Bloomberg has reported. The payment would be modest and serve to "buoy sentiment," Jean-Michel Saliba at Bank of America's Merrill Lynch unit in London, said in a report. "Our meetings consistently conveyed the sense Dubai has shown its ability to grow again at a respectable 4% pace" which will help it reduce debt, Saliba said in the report. "We expect important 2013 maturities to be met."
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