Dubai is relying on what it does best to help solve its debt woes: shopping. After successfully borrowing against road toll receipts last year, the flashy emirate now wants to raise at least $500-million (U.S.) by issuing bonds secured against future revenue from its giant airport retailer, Dubai Duty Free. Securitization is often seen as the last refuge of the cash-strapped, and is nascent in the Middle East. But as Western banks withdraw, it’s looking increasingly attractive.
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