News

News: After Emarat, Enoc also cuts diesel price  |         News: Dubai’s non-oil foreign trade nears Dh1 trillion in first 9 months  |         News: UAE jumps 14 places in global ICD Development Index  |         News: Dubai soars 11.5 percent as it leads Gulf rebound  |         News: Dubai stocks jump over 9.8% as rally continues  |         News: Why New Year’s Eve fireworks is top draw for Dubai expats  |         News: Global Village visit just got easier  |         News: Emirates To Begin Third Daily Service To Birmingham  |         News: Opec to wait for market to stabilise  |         News: Building A Luxury Brand Image In A Digital World  |         News: Much-awaited free voice calls on BBM for iPhone, BlackBerry, Android phones  |         News: Dubai Developer Omniyat Says 81% Of Units Sold Off In New ANWA Project  |         News: Global village: Around the world in a day  |         News: RTA to auction number plates on Dec.27th  |         News: Show me the money: LuLu CEO Adeeb Ahamed  |         News: Sheikh Mohammed Launches New Strategy, Dubai Plan 2021  |         News: Dubai rated among top destinations for holiday season  |         News: Over 80,000 People To Travel On 240 Emirates Flights On Dec 19  |         News: Food trucks, DIY BBQ and a gold bar cake  |         News: Dubai Int'l arrivals to rise by 36% by 2016 after runways upgrade  |         News: Dubai Duty Free extends 25% pre-Christmas sale  |         News: Is E-Commerce The Best Bet For Middle East Start-Ups?  |         News: REVEALED: Top 10 Companies in UAE In 2014  |         News: DIFF’s 11th edition opens tomorrow with a moving biopic  |         News: UAE internet advertising set for world’s fastest growth  |         News: Smartphone generation: MENA's overnight mobile internet revolution  |         News: ‘Ultimate Airport Dubai’ returns for Season 2  |         News: Google launches Street View in Dubai  |         News: Dubai's DWC inks $40m deal for aircraft painting facility  |         News: Milestone for UAE space agency  |         News: UAE's money exchange industry faces shake-up as costs rise  |         News: Interview with Majed Al Suwaidi  |         News: Dubai Tram: Game Changer?  |         News: Interview: Jumeirah on new lifestyle brand Venu  |         News: Emirates targets US and Italy routes with quick Airbus A380 rollouts  |         News: UAE luxury yacht market remains buoyant  |         News: Dubai Int'l passenger traffic grows by 5.7% in October  |         News: Is business aviation on the rise?  |         News: UAE archives go online with Google  |         News: 2015 will be a ‘Year of Innovation’  |         News: Dubai-Based App Travall To Launch Video Reviews Of Hotels, F&B Outlets  |         News: MasterCard Launches New Digital Payment System, MasterPass In UAE  |         News: UAE green growth strategy to create 160,000 jobs, save billions  |         News: Dubai Expo 2020: First milestone in six-year journey  |         News: BMW intent on staying number one in the Middle East  |         News: Dubai taxi flagdown rates revised from December 1  |         News: Taxi rates to rise in Dubai from December 1  |         News: Du signs deal with Travelling Connect for inbound roamers  |         News: GCC Petrochemical Revenues Reach $89.4bn In 2013  |         News: Dubai to attract over 381,000 cruise passengers this season  |         News: Revealed: The world’s 100 Most Powerful Arabs  |         News: Battle is on for hearts and minds of UAE employees  |         News: Emirates Targets 8-10% Profit Growth On New Aircraft, Routes  |         News: Astellas aims to introduce cancer medicines in UAE  |         News: Dubai all set to host parachuting championships  |         News: Emirates targets at least 8-10% profit growth on new aircraft, routes  |         News: Tried & Tested: First review of the Dubai Tram  |         News: Dubai ranked world's #1 city to live and work in  |         News: Etisalat aims to be first in the Middle East to deploy 5G technology  |         News: Nakheel to build $40m boardwalk along Palm Jumeirah breakwater  |         News: Mubadala-owned software services provider Injazat to open Qatar office  |         News: Spanish Firm Appointed To Operate Hollywood, Bollywood Theme Parks In Dubai  |         News: Gold will always shine  |         News: Souq.com Plots MENA Black Friday Sales Weekend  |         News: UAE boat builder Al Marakeb aims to make waves in unmanned vessels  |         News: Dubai World close to agreeing deal to extend $10.5bn debt settlement  |         News: Hard Rock Hotel To Open In Dubai Marina  |         News: OPEC says oil price to rebound by Q2 next year  |         News: UAE credit bureau starts retail ops, to cover companies next year - CEO  |         News: Dubai's DP World to buy Jebel Ali Free Zone owner for $2.6bn  |         News: Dubai needs to invest $2bn building 51 new schools by 2020, says report  |         News: Dubai Tram essential guide  |         News: Get in the Ring for investment opportunity  |         News: Accor To Double ME Inventory, Invest €225 Million In Digital  |         News: Oil companies look to Emirati workers amid sector-wide skills crunch  |         News: The bravest thing Branson could do right now is hang up his space helmet  |         News: Meet the man who created YouTube but what did Chad Hurley do next?  |         News: Dubai’s Sheikh Mohammed establishes new award for world peace  |         News: UAE Industrial momentum  |         News: UAE economic recovery at fast pace: IMF  |         News: Dubai repays $1.93bn debts taken out before crisis  |         News: Emirates Airline looks to free Wi-Fi on entire fleet  |         News: UAE’s Etisalat Q3 Net Profit Rises 22%  |         News: Gold and silver extend losses, struggle near 4-yr lows  |         News: Dubai Tram traffic rules, fines: What you must know  |         News: How To Rule The World Like… Elon Musk  |         News: Dubai firms urged to list locally to compete globally  |         News: Emirates NBD lists first NZ currency bond on Dubai bourse  |         

News

Dubai repays $1.93bn debts taken out before crisis

Dubai has repaid $1.93 billion it raised from Islamic bonds (sukuk) during the crisis.
The bonds, which were issued on October 28, 2009, were paid on the due date (November 3).
Abdul Rahman Saleh Al Saleh, Director-General of Dubai’s Government’s department of finance, said the repayment in time reflects the government's commitment to repay all liabilities as per schedule.
He added that the government was keen to pay all the financial liabilities in accordance with the schedule, noting that “it is a huge step, which highlights the clarity of vision of the government about the future. It also reflects great confidence reposed by regional and international business communities on the Emirate of Dubai”.

The sukuk was part of a programme of bond issuance launched just before the financial crisis hit Dubai in November 2009.
The announcement comes after Abu Dhabi and the UAE central bank agreed in March this year to refinance $20 billion given to the Dubai government as emergency aid during its financial crisis. The debt was rolled over for five years at a 1 percent annual interest rate.

By Staff Writer
Tuesday, 4 November 2014 11:12 AM
Arabian Business