Dubai Dept Finance Repays AED840M Sukuk Installment - WSJ.com
Dubai's Department of Finance has repaid a 840 million U.A.E. dirham ($229 million) Islamic bond installment for Dubai Civil Aviation, according to a statement from the government Tuesday.
The payment is the first of three equal installments of a $635 million multi-currency Ijara facility maturing in April 2011 for Dubai Civil Aviation, the statement said.
Abdulrahman Al Saleh, Director General of the Department of Finance in Dubai said in the statement that the payment reaffirms the Dubai government's commitment to honor all its financial obligations.
Dubai spooked international markets in November last year by suddenly announcing the need to restructure $26 billion of debt for one of its largest state-owned companies Dubai World. The emirate and its related companies is estimated to have debts of about $100 billion.END
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