Dubai repays $229m Islamic debt facility

14 Apr 2010

(MENANF) The Dubai Government Media Office announced that the emirate has repaid $229 million on the Dubai Civil Aviation Ijara facility, Khaleej Times reported.

According to a statement from the government entity, the amount is the first of three equal installments of a $635 million Dubai Civil Aviation multi-currency Ijara facility maturing in April 2011.

The Director-General of the Department of Finance in Dubai said in statement that the move re-affirms the Dubai Government’s commitment to honor all its financial obligations.

Despite the liquidity crunch in the global financial markets, the Dubai Government and government-related entities have so far met all their debt obligations.

According to an estimate by Dubai Advisory Council, the government and various GREs together have a total debt of $70 billion, while different independent estimates have placed Dubai’s obligations at $100 billion to $120 billion.

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