Dubai - Dubai said Monday it has repaid $1.93 billion (R21 billion) raised from Islamic bonds known as “sukuk” and renewed its commitment to pay back billions of dollars worth of debt on time.
Dubai repaid 2.5 billion dirhams ($68 million, 54 million euros) in dirham sukuks and $1.25 billion in dollar sukuks, the official WAM news agency reported, citing a government statement.
It said both sukuks matured on Monday.
Dubai has repaid or restructured billions of dollars of debt, as the emirate's economy recovers from its 2009 debt emergency in the midst of the global financial crisis.
In August, the emirate's real estate giant Nakheel repaid all of its $2.15 billion bank debt almost four years ahead of schedule.