Dubai repays $500 million bond certificates

iStock [For illustration]

The Government of Dubai has repaid $500 million in bonds that reached maturity on Tuesday.

The Department of Finance (DOF) said the Fixed Rate Note was issued on June 22, 2011 under its Euro Medium Term Note Programme,

Upon maturity, all the notes have been redeemed in full by making the required payment through the paying agent to the holders of the notes, along with accrued interest.

"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," said Abdulrahman Saleh Al Saleh, Director General of DOF.

"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 prioritised spending, under the directives of our leadership," Al Saleh added.

More from Business