UAE - Mubasher: Dubai World, whose assets include DP World, has made its final $8.2 billion repayments to creditors two years earlier than the due date, completing its debt restructuring process, according to Bloomberg.
Due in September 2022, the final debt was repaid by using funds from asset sales, including the sale of Economic Zones World at a cost of $2.7 billion, and dividend payments from Infinity World worth $1.6 billion.
In addition, funds from DP World's delisting and a $3 billion loan raised from Dubai Islamic Bank (DIB) helped the government-owned group to pay off its debt.
Hence, the government-owned conglomerate has repaid $18.9 billion since 2011.
Following the global financial crisis in 2009 and the collapse in oil prices, Dubai World restructured $23.5 billion of debts.