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Dubai repays first Eurobond debt

Dubai Holding Commercial Operations Group (DHOG), the holding company of Dubai Holding's real estate, tourism, infrastructure and telecommunications business, yesterday said it has repaid its first publicly traded Eurobonds.

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

Dubai: Dubai Holding Commercial Operations Group (DHOG), the holding company of Dubai Holding's real estate, tourism, infrastructure and telecommunications business, yesterday said it has repaid its first publicly traded Eurobonds.

Dubai Holding is one of the Dubai Government's investment arms. The Dubai Government's sov-ereign debt is $10 billion (Dh36.78 billion) and the total debt of the Dubai Government and its associated companies is $70 billion, according to the Advisory Council.

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

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

Dubai Holding Commercial Operations Group has been rated "A1 Stable" by Moody's Investor Service, "A+ Stable" by Standard & Poor's and "AA- Stable" by Fitch Ratings since the ratings were announced in January 2007.

Dubai Holding was launched in October 2004 to consolidate various large-scale infrastructure and investment projects in Dubai, as well as to identify opportunities to develop future major projects that will benefit the UAE and the region.

Dubai Holding has established a strong foothold in various industries by developing pioneering initiatives spanning numerous sectors including healthcare, technology, finance, real estate, education, telecommunication, entertainment and leisure, energy, communication, industrial manufacturing, biotechnology, hospitality and aerospace.

"The company has been created with the goal of providing a better future for all through the range of life-improving industries it is involved in. "Each Dubai Holding operating company focuses on key areas which dynamically support the development of Dubai as a world-leading hub for commerce, leisure and fin-ance," the company said in a statement yesterday.

Dubai Holding entities include Dubai Internet City, Dubai Media City, Dubai Healthcare City, Dubailand, Dubai International Capital, Dubai Industrial City, Dubai Properties, Sama Dubai, Dubai Group, Dubai Energy, Dubai Knowledge Village, Dubai Outsource Zone, International Media Production Zone, e-Hosting Datafort, EMPOWER, Jumeirah Group, Dubiotech and Dubai Studio City.

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