IslamicFinance.de

Dubai has repaid $1.93 billion raised from Islamic bonds and renewed its commitment to pay back billions of dollars worth of debt on time. Dubai reportedly repaid 2.5 billion dirhams ($68 million, 54 million euros) in dirham sukuk and $1.25 billion in dollar sukuk. It said both sukuk matured on Monday. Dubai has repaid or restructured billions of dollars of debt, as the emirate’s economy recovers from its 2009 debt emergency in the midst of the global financial crisis. The International Monetary Fund estimates that Dubai and its government-linked entities face a total maturing debt of around $80 billion.