Liquidity package for Dubai under consideration

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CORONAVIRUS IMPACT

Officials from Dubai are approaching the UAE government regarding a loan facility that would make state funds available to companies as international sources of capital dry up and financial crisis deepens, reported the UK’s Financial Times.

The plan, which could be unveiled next week, would establish a facility for state-owned companies similar to a $33bn liquidity package for UAE banks announced in October. According to sources in Dubai, the terms of the facility have yet to be discussed, but it would be likely to lend to companies that need help refinancing existing debt.

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