Dubai’s Jebel Ali Free Zone (Jafza) has repaid a AED7.5bn ($2bn) sukuk (Islamic bond), that was not due until November.

The repayment was made on 24 June, as reported by MEED and is the last of Dubai’s big debt repayments due this year following the repayment of debts held by DIFC Investments and Dubai Holding Commercial Operations Group.

Jafza raised a $1.2bn loan from a group of banks and a new $650m sukuk to repay the debt, with the final roughly $200m repaid from its own resources.

Following the repayment of the debt, Fitch Ratings has upgraded the firm’s credit rating to B from B+.