Dubai Holding says unit to repay $1bn bond

  • Share via facebook
  • Tweet this
  • Bookmark and Share
Dubai Holding is the flagship company owned by the ruler of Dubai, HH Sheikh Mohammed bin Rashid Al Maktoum

Dubai Holding is the flagship company owned by the ruler of Dubai, HH Sheikh Mohammed bin Rashid Al Maktoum

The flagship company in the ruler of Dubai's personal business empire, Dubai Holding, will repay a €750m ($1.04bn) bond maturing in January 2014 from available funds, Dubai Holding said in a statement on Wednesday.

Following the repayment, the unit, Dubai Holding Commercial Operations Group (DHCOG), will only have one bond outstanding, a £500m ($805m) issue maturing in 2017, the statement issued to Nasdaq Dubai said.

DHCOG was hit hard by Dubai's property market crash and corporate debt troubles of 2008-2010, but the local economy has been recovering since then and the company's 2012 profit surged to AED1.2bn ($327m) from AED204m in 2011.

It incorporates hotels group Jumeirah, business park TECOM Investments and Emirates International Telecommunications aside from a real estate division, Dubai Properties Group.

Earlier on Wednesday, Jumeirah Group said it had raised a $1.4 billion unsecured syndicated loan due in 2019 that would help fund its expansion and also be used in part for the general corporate purposes of DHCOG.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

Posted by: Paolo C

Wait a moment! You promised no investor was going to lose money in your country. Please take notice I left you 440,000 Aed and your authorities have not done absolutely nothing!!!!! Nada""""

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Dubai real estate bonds would find buyers amid recovery

Dubai real estate bonds would find buyers amid recovery

Bonds could be issued to fund growing pipeline of new projects...

2

"Sleeping giant" debt market awakes in Saudi Arabia

After years in which the growth of Saudi Arabia's bond market...

Egypt struggles to spur bond trading

Egypt struggles to spur bond trading

Arab state loathe to allow rivals into lucrative treasury bond...

Most Discussed
  • 10
    UAE teens among the highest for obesity rates

    Everyone in UAE knows that biggest is best.

    UAE may not light up the international league tables in standard of living, education standards, press... more

    Friday, 29 August 2014 4:20 PM - Proud UAEer
  • 9
    UK politician sacked over burka binbag jibe

    @kingkaiser - exactly! It's a very complex issue and I couldn't agree more. What we also hopefully can all agree on is that no woman should ever be mocked... more

    Friday, 29 August 2014 4:19 PM - Doug
  • 1
    Qatar 'ready to rebuild Gaza'

    Once again my greatest respect for Qatar, and shame on other Arab countries.
    more

    Friday, 29 August 2014 10:53 AM - Ralph Edelman