Dubai World announced yesterday to pay the final debt payment to its original creditors and to complete this program for refinancing, which started in 2010.
The payment of the amount due, which amounted to a total value of $ 8.2 billion, came within the framework of Dubai World’s commitment to pay its obligations, as the amount was paid yesterday before the final maturity date for the credit facility scheduled for September 30, 2022.
Since 2011, Dubai World has paid $ 18.9 billion, of which $ 16.9 billion is for the original creditors, including the interest of the in-kind capitalized payments in addition to two billion of the monetary benefits.
The loan was paid in full through financing from Dubai World affiliates, including 6 billion from DP World, the Global Free Zone and asset sales, including selling global economic areas for 2.7 billion.
His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai World said: “Over the past ten years, the company has been keen to fulfill its obligations completely and well ahead of time, and has continued its commitment to the course of work agreed with the relevant authorities with all openness and transparency ». His Highness added: “Today’s announcement confirms the extent to which the Emirate of Dubai respects its obligations.”
His Excellency Mohamed Ibrahim Al-Shaibani, a member of the Board of Directors, said: “We would not have been able to complete the refinancing program without the unremitting efforts and continuous support of the working group in DP World, who have proven their commitment to this deal and have contributed to compensating the concerned authorities, which confirms the strategic role of« Dubai Global »within the economic sector in Dubai».
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