Emirates NBD set up financing for subsidiary of state firm
Government-owned Dubai Holding will repay a $300m loan on behalf of its subsidiary Sama Dubai on 27 September, according to a statement issued by the firm.
The statement said it would meet its financial obligations “in full and on the maturity date”.
The $300m loan was issued in 2006 and was arranged by Emirates Bank International, now Emirates NBD.
Sama Dubai is now being merged with Dubai Holding’s other property subsidiaries Dubai Properties, Tatweer and Emaar Properties.
The repayment comes ahead of Nakheel’s $3.5bn sukuk, which matures on 14 December. This sukuk is considered a significant test of Dubai’s creditworthiness.
You might also like...
Red Sea Global awards Marina hotel infrastructure
18 April 2024
Aramco allows more time to revise MGS package bids
18 April 2024
Morocco tenders high-speed rail project
18 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.