Dubai World makes final repayment to creditors of $8.2 billion - Reuters:
State conglomerate Dubai World, at the centre of Dubai’s debt crisis a decade ago, said on Tuesday it had made a final payment of $8.2 billion to creditors.
The payment, made ahead of its September 2022 maturity, was an “important milestone” for the company and Dubai, Dubai World Chairman Sheikh Ahmed bin Saeed al-Maktoum said in a statement.
“Once more ... our action underscores Dubai’s commitment to always meet its obligations,” said Sheikh Ahmed, who is also a member of Dubai’s ruling family.
The company made the payment using funds from a new $3 billion loan from Dubai Islamic Bank (DISB.DU), asset sales and dividend payments, it said.
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