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Wed 30 Oct 2013 05:12 PM

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Dubai Holding says unit to repay $1bn bond

Flagship company owned by the ruler of Dubai will only have one bond outstanding, a $805m issue maturing in 2017

Dubai Holding says unit to repay $1bn bond
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.

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Paolo C 6 years ago

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""""