EFG Hermes Raises Estimate of Dubai Inc Debt to US$130 to US$170 Billion

There have been a couple of reports in the press that EFG-Hermes has dramatically raised its estimate of the total of Dubai Inc's debt to be potentially as much as US$130 billion to US$170 billion.   Here's one such report from the Gulf-Times in Qatar quoting AFP.

Without a copy of the EFG- Hermes report it's hard to analyze the summary findings in the press reports.  It appears that EFG-Hermes believes that there are undisclosed bi-lateral loans and perhaps an undisclosed capital markets issue (private placement?) that accounts for this additional US$35 to $75 billion.

At 30 September 2009, Emirates NBD had total assets of AED291 billion (US$79.3 billion) and a total loan portfolio of AED217.1 billion (US$59.2 billion).   That would mean that the bank had  30.3 % of its total assets and 40.6% of its loans extended to its parent Group (the Government of Dubai and related entities).