Dubai World Fulfils Obligations To Creditors Totalling USD 18.9 Billion #Dubai - Dubai City Guide
Guest Posts, Link Building, SEO, Pay-Per-Click campaigns
Advanced Search
Home / News / Company News
Company News
   

Dubai World Fulfils Obligations To Creditors Totalling USD 18.9 Billion
(1 July 2020)
Repays Final Tranche 2 Years Ahead of Schedule


 

Dubai World announced today the repayment of the final tranche of debt to its original creditors, completing the refinancing program that commenced in 2010.

The repayment of the final outstanding sum amounting to USD 8.2 billion on the 30th June, marks the fulfillment of Dubai World's obligation to its original creditors, well before the final maturity date of the debt facility on the 30th September 2022.

Since 2011, Dubai World has repaid a total sum of USD 18.9 billion. This compromises of a principal repayment of USD 16.9 billion to the original lenders, including capitalised PIK interest, in addition to USD 2 billion of cash interest.

The repayment of the entire loan amount was achieved through: funds received from portfolio companies, including USD 6 billion from Port and Free Zone World; asset sales, including the sale of Economic Zones World for USD 2.7 billion; dividend payments from portfolio companies, including a USD 1.6 billion dividend from Infinity World; and a new USD 3 billion loan from Dubai Islamic Bank.

Speaking on behalf of the Board, His Highness Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of Dubai World, commented: "The full repayment represents an important milestone for both Dubai World and for Dubai. Throughout the last ten years, Dubai World has met its obligations in full and well ahead of schedule. We invariably acted transparently, and remained committed, at all times, to the course of action agreed with all parties involved."

"Looking ahead," His Highness Sheikh Ahmed Bin Saeed Al Maktoum continued, "Dubai World will focus on streamlining and strengthening its efforts to deliver long-term value for all stakeholders."

"Once more," he continued, "our action underscores Dubai's commitment to always meet its obligations."

We accept Guest Posts


DubaiCityGuide.com is owned and managed by Cyber Gear



  All fields are mandatory
Your Name
Email
City
Country
Your Comments
 Max 250 characters - Word Count :
Image Verification
Change Image

     
 
email print
 

Sponsored By : PressReleaseNetwork.com           Sponsored Opportunities

       
       
   
       

Hotels hotels Check out Hotels in Dubai
Shopping shopping A complete Mall & Store Guide
Dining dining Eating out at the coolest spots
Sightseeing sightseeing Things to see & do
DCG Recommends dcg recommends Best of the best in Entertainment
News Alerts
News Alerts
Stay ahead with dubai news
dcg mobile
dcg Mobile
With you wherever you go
rss feed
RSS Feeds
Get the latest
dubai blog
Dubai Blog
Your space, your voice
sitemap
Sitemap
DCG at a glance