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Dubai redeems $500m bond certificates

Dubai redeems $500m bond certificates
The $500 million bond certificates reached their maturity on 22 June 2021

UAE - Mubasher: The Dubai government, acting through the Department of Finance (DOF), has repaid the $500 million fixed-rate note issued on 22 June 2011 under its euro medium-term note programme, according to the Dubai media office.

The $500 million bond certificates reached their maturity on 22 June 2021; hence, all the notes have been fully redeemed through the paying agent to their holders, along with accrued interest.

The Director-General of DOF, Abdulrahman Saleh Al Saleh, said: "The Government of Dubai’s ability to fulfil its financial obligations reflects its deep fiscal stability amidst the circumstances imposed by the current global crisis."

Meanwhile, Al Saleh remarked: "We have been successful in overcoming the most challenging repercussions of the global pandemic, and have now entered a solid phase of recovery, thanks to the measures taken by the government to ensure rational prioritised spending, under the directives of our leadership."