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Dubai repays $500-million government bond certificates with interest

    • The government said the Fixed Rate Note was issued on June 22 in 2011, and reached maturity on the same date this year

    • Issued under the Euro Medium Term Note Program, all the notes have been redeemed after they matured

     

    The government of Dubai has announced that it has repaid bonds worth $500 million with interest, said local reports on Tuesday.

    Acting through the Department of Finance, the government said the $500-millionFixed Rate Note was issued on June 22 in 2011, and reached maturity on the same date this year.

    Issued under the Euro Medium Term Note Program, all the notes have been redeemed after they matured, said the local reports.

    The government reportedly disbursed the required amounts, along with the interest that accrued over the period, through paying agents.

    DoF Director General Abdulrahman Saleh Al Saleh was quoted by the reports as saying: “The government of Dubai’s ability to fulfill its financial obligations reflects its deep fiscal stability amidst the circumstances imposed by the current global crisis. The government’s solvency has allowed it to fulfill its past and current obligations and will continue to enable it to meet all future obligations on time.”

    He added: “We have been successful in overcoming the most challenging repercussions of the global pandemic, and have now entered a solid phase of recovery, thanks to the measures taken by the government to ensure rational prioritized spending, under the directives of our leadership.”