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.
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