Dubai repays $600m sukuk certificates

171

Dubai

The Government of Dubai, acting through the Department of Finance, has announced that the $600 million (Dh2.2 billion) Sukuk Trust Certificates issued on May 2, 2012 under its $5 billion Trust Certificate Issuance Programme, reached maturity on May 2, 2017. Upon maturity, all the certificates were redeemed in full by making the required payment through the paying agent to the holders of the certificates, along with accrued profit. Abdul Rahman Saleh Al Saleh, Director-General of the Department of Finance, said, “This settlement reaffirms Dubai Government’s commitment to deal with its repayment obligations in a proactive manner, in line with the vision of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, the ongoing support from Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and the close follow-up from Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai. It also strengthens the government’s resolve to honour all its financial obligations on time.”—Agencies