x Abu Dhabi, UAEFriday 21 July 2017

Dubai Holding settles $300m debt

Dubai Holding said today it had fully paid off the last instalment a three-year $300 million loan facility.

Dubai Holding said today it had fully paid off the last instalment a three-year $300 million (Dh1.1bn) loan facility for its property developer Sama Dubai that matured on Oct 5. A spokesperson from the company said: "As we have previously stated, Dubai Holding and its entities will meet their financial obligations in full and on the maturity date. The Sama Dubai loan matured on October 5th. The final installment of $50m was settled on same day."

Sama Dubai is a property arm of Dubai Holding. It was merged with Dubai Properties and Tatweer earlier this year. A merger of the group and Emaar Properties is under discussion, officials said. Dubai is dealing with nearly $85bn of debt and obligations, including a 3.5bn Islamic bond at Nakheel coming due in December. bhope@thenational.ae