Dubai Government repays AED4 billion worth of Sukuk

Dubai Government repays AED4 billion worth of Sukuk

DUBAI, 20th February, 2023 (WAM) -- The Public Debt Management Office (DMO) of the Government of Dubai’s Department of Finance (DOF) announced the redemption of US$750 million (approximately AED2.755 billion) worth of Trust Certificates (Sukuk) issued on 30th January 2013, under the Trust Certificate Issuance Programme (Sukuk Programme).

The Government also prepaid an additional US$300 million (approximately AED 1.1 billion) of Sukuk through an early redemption, almost four years ahead of its maturity in November 2026.

The Public Debt Management Office announced that the Dubai Government has fully redeemed the Sukuk through the settlement of payable amounts, including accrued profits, to the investors. The Office further stated that the Sukuk played a vital role in financing infrastructure projects, primarily the expansion of the Dubai International Airport.

Abdulrahman Saleh Al Saleh, DOF’s Director-General, affirmed that the Dubai government's commitment to the timely settlement of financial obligations and the willingness to prepay such obligations before its due date reflects its strong financial position and its strong focus on achieving its risk management strategy.

Rashid Ali bin Obood Al Falasi, Chief Executive Officer of the Public Debt Management Office, said the strong performance of public revenues in the 2022 fiscal year, resulting from the overall economic growth