Investment Corporation of Dubai to repay US$4 billion facility in full on maturity

Dubai, Aug 9, 2011 (WAM) - The Investment Corporation of Dubai (ICD), the investment arm of the Government of Dubai, will repay in full the US$4bn, three year tranche of the US$6bn conventional and Islamic facilities signed on 21 August 2008, when it falls due on 21 August 2011, according to a statement by the Dubai Government Media Office. The maturing obligation will be repaid from internal sources derived principally from cash dividends received from ICD's operating subsidiaries.
Mohammed Al Shaibani, Executive Director '&' Chief Executive Officer of Investment Corporation of Dubai, commented: "Today's announcement demonstrates that as part of the Government of Dubai, ICD is committed and able to meet its debt obligations. This substantial repayment is the result of our strong portfolio of diverse and successful companies across Dubai, as well as the underlying strength of our economy".
"Dubai is witnessing a recovery and remains a stable financial centre. The Emirate continues to be an attractive destination for business, tourism and trade and has proven its resilience in recent times", Al Shaibani added.
The three-year tranche, which will be settled on 21 August 2011, comprises of US$2.5bn of conventional financing and US$1.5bn of Islamic financing. The remaining five-year tranche of US$2Bn matures on 21 August 2013. The lenders of this syndicated facility are a mix of local and international banks.
ICD's portfolio of companies is performing strongly and includes investments in Emirates Group, ENBD, ENOC, DUBAL, DIB, Borse Dubai, Emaar, and a number of UAE-based financial institutions. - Emirates News Agency, WAM