In a prospectus for a government bond published in October, Dubai estimated that the emirate’s fiscal deficit in 2009 will be $1.1 billion or 1.8 percent of GDP. Revenues were expected to be $9.1 billion, of which 78 percent would come from fees related to land, immigration, visas and tourism as well as oil and gas activities and dividends from government-owned companies.

Dubai has $26 billion of sovereign debt, including $13.7 billion of listed bonds and $12 billion of bilateral loans, according to a strategist at EFG-Hermes.