Monday, July 13, 2020

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Dubai World repays $8.2 billion debt two years ahead of schedule

KARIM SAHIB / AFP

Dubai World has completed the repayment of the final tranche of debt to its original creditors, completing the refinancing programme that commenced in 2010.

The settlement of the final outstanding sum amounting to USD 8.2 billion on June 30 comes well before the maturity date of the debt facility on September 30, 2022.

Since 2011, Dubai World has repaid a total amount of USD 18.9 billion. This includes a principal repayment of USD 16.9 billion to the original lenders, including capitalised PIK interest, in addition to USD 2 billion of cash interest.

The repayment of the entire loan amount was achieved through: funds received from portfolio companies, including USD 6 billion from Port and Free Zone World; asset sales, including the sale of Economic Zones World for USD 2.7 billion; dividend payments from portfolio companies, including a USD 1.6 billion dividend from Infinity World; and a new USD 3 billion loan from Dubai Islamic Bank.

Speaking on behalf of the Board, His Highness Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of Dubai World, commented: “The full repayment represents an important milestone for both Dubai World and for Dubai. Throughout the last ten years, Dubai World has met its obligations in full and well ahead of schedule. We invariably acted transparently, and remained committed, at all times, to the course of action agreed with all parties involved.”

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