The government of Dubai has repaid AED3.34bn ($909m) worth of bonds which were due last month, the emirate’s media office announced on 5 May. The repayment was part of a dual-tranche, AED15bn medium-term facility issued in April 2008.

“This repayment reaffirms Dubai Government’s commitment to deal with its repayment obligations in a proactive manner,” Abdulrahman Saleh al-Saleh, director general of Dubai’s department of finance, said in a statement.

Following the announcement, the Dubai Financial Market General Index rose 1.88 per cent, closing at 2,168.80 points - the highest mark since November 2009.