Dubai Holding unit to repay $500m

Dubai Holding Commercial Operations Group, or DHCOG, the real-estate and hospitality unit of Dubai Holding, said on Tuesday that it would repay a $500 million bond maturing in February 2012 from its own internal cash flow.

“DHCOG will repay the $500 million bond when it matures in February 2012 from its own internal cash flow,” the DHCOG said in an e-mailed statement.

DHCOG’s promise of repayment came amid concern voiced by credit rating firm Moody’s Investors Service about Dubai government-related companies and their ability to repay debts next year.

* username: rupertbu