Dubai faces a "pivotal year" in 2014 as the emirate tackles $20 billion of debt amid an unclear legal framework for restructurings and uncertain support from its richer neighbour, Moody's Investors Service said."Little progress has been made on clarifying and strengthening the legal framework for insolvencies/debt restructuring, while details of the Dubai government's capacity to support its government-related institutions remain uncertain," Moody's said in a report titled 'Dubai Corporates: Modest Economic Growth Benefits Corporate Credit Quality, But 2014 Debt Wall Looms'. Next year "will be a pivotal year for Dubai as $20 billion of direct government debt related to Dubai World becomes due," it said.

Source - http://www.business-standard.com