Dubai ruler Sheikh Mohammed Bin Rashid Al Maktoum said he is 'not worried' about the emirate’s ability to repay at least $4.52bn of debt this year.

'I assure you we are alright, the U.A.E. is alright, and we are not worried,' Sheikh Mohammed told reporters late yesterday at his Zabeel palace in Dubai, when asked whether Dubai would be able to repay the loans. Sheikh Mohammed is also the prime minister of the United Arab Emirates

The Dubai government must repay a $1bn Islamic bond maturing in November, while state-owned property developer Nakheel PJSC has a $3.52bn Islamic bond falling due in December.