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Dubai says it has repaid $1 billion aviation bond

Dubai finance dept. pays back $1 billion civil aviation loan days after issuing new debt

  • On 9:33 am EST, Sunday November 8, 2009

DUBAI, United Arab Emirates (AP) -- Dubai's Finance Department says the city-state has repaid a $1 billion Islamic bond in the latest sign it is chipping away at its formidable debt pile.

The sheikdom said Sunday it has repaid in full the Dubai Civil Aviation Authority bond, known as a sukuk, which was due last Wednesday.

Dubai late last month issued $1.93 billion in new debt that could be used to refinance older loans.

Creditors are closely monitoring Dubai's ability to cover at least $80 billion of boom-era debt as a sign of the sheikdom's creditworthiness.

Finance Department Director General Abdulrahman al-Saleh says investor interest in Dubai's latest capital-raising efforts highlights the "achievements and bright prospects of Dubai."

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