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Sovereign Wealth Funds Briefing - Categorized | Financials

Dubai gets bank loans as economy defies global rout: Arab Credit

Posted on 12 August 2011

Investment Corp. of Dubai said on Aug. 8 it will repay $4 billion of loans when they mature on Aug. 21, rather than pursue refinancing it began in May. The obligation will be repaid from internally generated cash, mainly dividends received from the company known as ICD’s operating subsidiaries.
“ICD paying back $4 billion of maturing debt is a very strong message that Dubai’s debt story is on an increasingly better footing,” said Rawad Hakme, the Dubai-based co-manager of fixed income at the United Arab Emirates unit of EFG-Hermes Holding SAE, the biggest publicly traded Arab investment bank……………………………………….Full Article: Source

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