Amid fears that it is already overly indebted, the image-conscious Dubai government has embarked on its largest bond programme ever. The local-currency bonds will be used to fund improvements to Dubai’s choked transport infrastructure, in particular through a new metro and international mega-airport.
The Dubai metro is getting some funds by selling the names of its stops and lines to corporations. Local (mostly government-owned or backed) brands might be keener on the offer. But the prospect is nevertheless set for a journey from McDonald’s to Ford, via Gap.
The plain-vanilla bonds are perhaps less revolutionary...
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