Only hours after it emerged that Dubai did not receive half of its $10 billion bailout, new numbers suggest that the Emirate is actually in $170 billion of debt not $80 billion like it said.

A report issued by the Gulf investment bank EFG-Hermes states, "The total debt held by Dubai Inc could well be in the range of $130-170 billion," Dubai Inc being the state and its owned entities.

This could spell further trouble for the Emirate in credit markets as its sovereign debt has been under pressure since the Dubai World funding crisis began on November 26th.