Proving the sceptics wrong, once again Dubai Holding Commercial Operations Group (DHCOG), a Dubai government-owned entities (GRE) yesterday confirmed the repayment of a $500 million (Dh1.83 billion) bond and three scheduled interest payments on its Medium-Term Notes (MTN).
Late last year, rating agency Moody's had warned that some Dubai GREs including DHCOG that have debt maturities this year are likely to face refinancing risks. DHCOG responded by saying that it would meet its debt obligations.
"DHCOG will repay the dollar bond, and make the coupon payments, from its internal cash flow. Today's announcements reaffirm DHCOG's proven track record of meeting its financial obligations in full when they are due," said Ahmad Bin Byat, Chief Executive Officer of Dubai Holding.
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