Image via WikipediaDubai Holding, part of the business empire of the emirate's ruler Sheikh Mohammed bin Rashid al-Maktoum, Wednesday said it will pay off Sama Dubai's three-year $300 million loan facility which matures on Sept. 27.
"Dubai Holding and its entities will meet their financial obligations in full and on the maturity date," a Dubai Holding spokesperson told news agency Zawya Dow Jones when asked about the Sama Dubai debt maturing next week.
Sama Dubai, the real estate investment arm of Dubai Holding, raised the $300 million three year loan facility in Sept. 2006 with a consortium of eight banks to finance its property projects.
Emirates Bank International was the mandated lead arranger, underwriter and book runner for Sama Dubai's syndicated loan.
Abu Dhabi Commercial Bank, Arab National Bank, Bank Saudi Fransi, Commercial Bank of Dubai, National Bank of Fujairah, Dubai Bank, and Bank Muscat SAOG were participating banks.END