Dubai government repays Dh4 billion worth of sukuk

Dubai government repays Dh4 billion worth of sukuk

Dubai government's commitment to the timely settlement of financial obligations reflects its strong financial position

Published: Mon 20 Feb 2023, 5:32 PM

The Public Debt Management Office (DMO) of the Government of Dubai’s Department of Finance (DOF) has announced the redemption of $750 million (approximately Dh2.755 billion) worth of Trust Certificates (sukuk) issued on January 30, 2013, under the Trust Certificate Issuance Programme (sukuk programme).

The government also prepaid an additional $300 million (approximately Dh1.1 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 hffice 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