Dubai Holding to pay off property unit's $300m loan

by Jason Benham Wednesday, 23 September 2009

Dubai Holding, the investment vehicle of the ruler of Dubai, will pay off Sama Dubai's three-year $300 million loan facility which matures on September 27, it said on Wednesday.

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"Dubai Holding and its entities will meet their financial obligations in full and on the maturity date," a Dubai Holding spokesman told Reuters, referring to the loan.
Sama Dubai is the property arm of Dubai Holding and is being merged with local firms Dubai Properties, leisure developer Tatweer, and Emaar Properties.

Emirates Bank International was the mandated lead arranger, underwriter and book runner for Sama Dubai's loan facility closed in September 2006.

Abu Dhabi Commercial Bank, Arab National Bank, Bank Saudi Fransi, Commercial Bank of Dubai, National Bank of Fujairah, Dubai Bank and Bank Muscat were participating banks.

Dubai Holding said in August it will reorganize its business into four operating units in a bid to cope with the impact of the fallout of the global economic crisis.

Dubai World's property unit Nakheel has $3.5 billion worth of Islamic bonds which mature on Dec. 14 and questions remain over the government's plan for them, although a full repayment is the most likely scenario, analysts say. (Reuters)



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