Dubai Ruler's Firm Vows To Repay $500M In Debt

By Salon Staff
January 25, 2012 4:09PM (UTC)
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DUBAI, United Arab Emirates (AP) — An investment company owned by Dubai's ruler says it will repay $500 million in bonds next week, distancing itself from other debt-laden firms in the Gulf emirate.

Dubai Holding Commercial Operations Group confirmed Wednesday it will repay the bonds on Feb. 1, using funds from its internal cash flow.

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The firm is a division of a company known as Dubai Holding that is controlled by Dubai ruler Mohammed bin Rashid Al Maktoum.

DHCOG owns the Jumeirah hotel chain and other investments, including a division that runs many of Dubai's free-trade zone business parks.

Dubai has been slowly chipping away at its debt load since its severe credit problems sent tremors through global markets more than two years ago.

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(This version CORRECTS name of parent company to Dubai Holding.)


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