Dubai is on track to repay a $10 billion loan from Abu Dhabi as the emirate’s economy continues to recover, according to a senior Dubai government official.
The UAE central bank and the Abu Dhabi government gave $20 billion in loans to Dubai in late 2009 with a multi-billion-dollar debt restructuring at one of its flagship conglomerates.
Dubai had drawn on about $8.45 billion of the $10 billion Abu Dhabi facility due to mature in 2014, according to the Dubai government’s bond prospectus dated June 2011.
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