Dubai-Mubasher: The Department of Finance at the Government of Dubai redeemed fixed rate note worth $500 million on its maturity.

The note, issued by the government on 4 October 2010 as part of the $4 billion medium term note programme, reached maturity on Monday, reported WAM news agency.

Timely repayment reaffirms Dubai Government's commitment to its payment obligations, thus boosting confidence in the emirate’s economy, said the department’s Abdulrahman Saleh Al Saleh, general director.