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This announcement comes less than a week after Dubai Holding said it had paid back in full a $300 million loan belonging to its Sama Dubai property unit.
Sama was merged with Dubai Properties and Tatweer earlier this year to form Dubai Properties Group.
“The bilateral loan, taken out as a general corporate facility, was repaid on the maturity date,” Dubai Holding said in a statement on Monday.
Dubai Holding Commercial Operations Group, the holding company of Dubai Holding’s property, business parks, and hospitality verticals, announced it had repaid in full a $250 million loan to French lender.
Deutsche Bank in a recent report had estimated that the total outstanding debt of Dubai stood at $75 billion, raised mainly through short-term syndicated loans and bonds.
According to the report, the Dubai owned entities have $4.5 billion worth of redemptions in the current quarter, out of which $3.5 billion is due from Nakheel, the developer of offshore islands, which has a sukuk issue maturing on December 14.
“Assuming the second $10 billion Government of Dubai bond is issued in the coming months, we do not see any issues with Dubai’s ability to pay,” Caroline Grady, an economist and author of the Deutsche Bank report, said.
In an interview last September, His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said the emirate would be able to repay at least $4.52 billion of debt coming due later this year.
To overcome the liquidity shortage, the Government of Dubai launched a $20 billion five-year bond programme in February this year. The first tranche of $10 billion from the programme was fully subscribed by the UAE Central Bank and the second tranche of $10 billion is expected to be issued by the end of this year.
“The Dubai government is targeting to issue the second tranche of a $20 billion bond programme either in October or November, Emaar Properties Chairman Mohammed Alabbar told CNN new channel last week.
He said the Dubai’s outstanding debts this year is $9 billion, which he implied, is not worrisome.
The emirate has spent at least $6 billion from the first tranche of a $20 billion bond programme, Farouk Soussa, an analyst at Standard & Poor’s credit rating told a news conference this week.
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