Dubai is set to face a “pivotal year” in 2014 as it hits a number of refinancing deadlines, says a new report from US rating agency Moody’s Investors Service.

About $20bn of direct government debt related to the Dubai World bailout is due next year, and about $2bn of debt from rated Dubai companies is also maturing next year.

“How the Dubai government addresses this refinancing and the degree of the transparency with which it updates the market are likely to broadly influence investor sentiment,” the report states.

Companies with maturing debt include Dubai Holding Commercial Operations and Abu Dhabi’s International Petroleum Investment Company (Ipic), Tourism Development & Investment Company (TDIC) and Aldar Properties.

In terms of new issuer activity next year, the ratings agency says it will “broadly follow” the trends set in 2013.