The government of Dubai has said that its total debt amounts to AED105.7bn ($28.8bn) at the end of July, up from $21.9bn in October 2009.

Dubai and its state-owned corporates have a total debt of over $100bn.

The figures have been released in the prospectus for Dubai’s bond issue, which is expected to raise around $1bn by the end of September.

The bond is the first time that Dubai has approached the debt markets since reaching an agreement with 99 per cent of creditors to Dubai World on its restructuring plan for the $23.5bn of debt on the company.

Dubai has mandated the UK’s HSBC and Standard Chartered and Germany’s Deutsche Bank to run the issue. Proceeds from the bond will be used for general budgetary purposes, the government said.

In March the government borrowed AED1bn from Dubai Islamic Bank (DIB), which will be repaid in 48 instalments by April 2015.

The prospectus also reveals that Dubai’s population was 1.8 million people in the second quarter of 2010, rising from 1.77 million at the end of 2009 and 1.64 million at the end of 2008.