A London Based Digital Publication Covering Diplomatic & Business Activities Globally

Friday, April 12, 2024

Dubai gets $20b debt rollover

Dubai gets $20b debt rollover
Dubai gets $20b debt rollover

(Abu Dhabi) – The Abu Dhabi Department of Finance and the UAE Central Bank signed two separate agreements with Dubai Government to refinance a total of $20 billion in loans and bonds. While the Government of Abu Dhabi has agreed to refinance $10 billion loan, the UAE Central Bank has also signed an agreement to extend the tenure of bonds issued by Dubai Government of $10 billion.
In both cases, the new tenure is set at five years renewable, with a fixed interest rate of 1 per cent through the entire tenure. Dubai borrowed the money five years ago to help the government and its government-related entities (GREs) to meet some of the debt obligations in the face of the global financial crisis. The refinancing comes ahead of its maturity this year.
Sheikh Ahmad Bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation Department and Chairman of Dubai’s Supreme Fiscal Committee, signed for the Dubai Government, while Hamad Al Hurr Al Suwaidi, Chairman of Abu Dhabi Department of Finance, signed for Abu Dhabi Government, and Khalifa Mohammad Al Kindi, Chairman of the Board of Directors of the UAE Central Bank, signed on behalf of the Central Bank.

Latest Posts

Latest Posts

Stay in touch

To be updated with all the latest news, offers and special announcements.

RELATED ARTICLES

UAE & Turkmenistan expand Economic ties

Turkmenistan's Berdimuhamedow urges UAE collaboration in gas field development....

Crown Prince Appreciates the World Governments Summit Team

The Crown Prince Appreciates the valuable efforts of the...

WTO Promotes Consensus

The final World Trade Organization General Council meeting before...

UK and Azerbaijan celebrate growing bilateral relations

UK PM Rishi Sunak congratulated President Ilham Aliyev on...

World Government Summit brings Global leaders to Dubai

The pre-summit day of the World Governments Summit (WGS)...

HH Shiekh Mohammed bin Rashid Meets Youth

Sheikh Mohammed bin Rashid Al Maktoum met with Arab...

Shiekh Hamdan Bin Zayed Honors Environmental Achievers

His Highness Sheikh Hamdan bin Zayed Al Nahyan, Ruler’s...

Princess Kate shares a Message after meeting HM the King

Prince William and Kate Middleton share a Children's Mental...

HM King of Sweden to visit Europe

King Frederik X of Denmark and Queen Mary will...