Dubai in talks to raise funds as shutdown weighs on economy

Dubai is in talks with bankers about shoring up its finances and the nation’s flag carrier is mulling billions of dollars of loans, as the coronavirus pandemic hammers the economy. The government is discussing various options, which could include the nation’s first Eurobond since 2016 and loans, according to people familiar with the matter. “Dubai needs to raise funds to mitigate financing pressures in relation to various state-owned entities,” said Ksenia Mishankina, a senior credit analyst at Union Bancaire Privee in London. A fall in interest rates in the developed world this year “should create conditions of a hunt for yield among investors,” she said. Emirates Airline is reaching out to local and international banks about funding that will be in addition to state aid it received last month, according to people with knowledge of the matter. Emirates Airline, owned by the government, has grounded passenger flights and the Expo 2020 exhibition scheduled for October is set to be delayed by a year. The event was seen as key to boosting an economy that was already growing slowly.<br/>