Business | Banking

Dubai repays Dh2.4b in Eurobonds, loans

Dubai Holding Commercial Operations Group (DHCOG), a Dubai Government investment vehicle, on Wednesday said it had repaid Dh2.4 billion in Eurobonds and maturing bank loans from its own resources, a few days after Dubai Government reassured the public of its debt obligations.

  • Gulf News Report
  • Published: 00:02 November 27, 2008
  • Gulf News

Dubai: Dubai Holding Commercial Operations Group (DHCOG), a Dubai Government investment vehicle, on Wednesday said it had repaid Dh2.4 billion in Eurobonds and maturing bank loans from its own resources, a few days after Dubai Government reassured the public of its debt obligations.

"The Dh1 billion Euro-bonds issued last year, as part of broadening the company's investor base and funding sources, matured in November this year and were repaid from the company's internal cash flows," Dubai Holding said.

"This, in addition to recent repayment of a Dh1.4 billion of amortising and maturing bank loans, highlights that the company continues to operate from a position of strength."

The move comes when five of Abu Dhabi's major investment, real estate and finance companies announced the launch of a new mortgage provider - Abu Dhabi Finance, established with an initial capital of Dh500 million to service clients purchasing property in Abu Dhabi and the rest of the UAE - at a time when tight credit conditions halted property sales in Dubai and Northern Emirates.

"Abu Dhabi Finance will provide liquidity to a market where demand remains high for property," Ali Eid Al Muhairi, chairman of Abu Dhabi Finance. said.

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