Abu Dhabi, UAE central bank extend $20bn Dubai debt
Debt is being rolled over for five years at a 1 percent annual interest rate
Abu Dhabi and the central bank of the United Arab Emirates have agreed to refinance $20 billion of debt that was extended to the Dubai government as emergency aid during its financial crisis and comes due this year, the state news agency said on Sunday.
The debt is being rolled over for five years at a 1 percent annual interest rate, WAM said in an official statement.
The debt comprises a $10 billion loan which was offered to Dubai by the Abu Dhabi government through two state-owned banks, and $10 billion of bonds which Dubai issued to the UAE central bank.
Dubai's Nakheel repays $639m of bank debtThe state-owned company had accumulated 6.8 billion dirhams of bank debts while building ambitious mega-development projects Property
Dubai said to agree roll-over of $10bn debtEmirate borrowed money during financial crisis; debt is due to mature next month Economy
Dubai Group confirms final deal on $10bn debt restructuringnumber of creditors sought a remedy through the courts, a rare occurrence in the Gulf Banking & Finance
Dubai property firm Nakheel to pay $1.1bn debt in 2014Nakheel said its finances were boosted by strong real estate growth and improved economic conditions Property
Dubai’s Nakheel plans early debt repayments as property reboundsDeveloper to repay nearly a third of its total bank debt in the first quarter of 2014 Property