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Dubai Repays $600 Million Sukuk Certificates | ASHARQ AL-AWSAT English Archive 2005 -2017
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A view of a branch of Union National Bank along Khalid Bin Al-Waleed Road in Dubai January 4, 2012. REUTERS/Nikhil Monteiro

Dubai – The Government of Dubai, acting through the Department of Finance (DOF), announced that the $600 million Sukuk Trust Certificates issued on 2 May 2012 under its $5 billion Trust Certificate Issuance Programme, reached maturity on 2 May 2017.

Upon maturity, all certificates were redeemed in full by making the required payment through the paying agent to the holders of the certificates, along with accrued profit.

Abdulrahman Saleh Al-Saleh, DOF Director General, said, “This settlement reaffirms Dubai Government’s commitment to deal with its repayment obligations in a proactive manner, in line with the vision of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the ongoing support from Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and the close follow-up from Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai.”

The Department of Finance was established in 1995 and is in charge of supervising accounting and financial affairs of Dubai government in addition to issuing financial statements.

DOF responsibilities also include putting annual budget of Dubai and implementing it in cooperation with relevant domestic departments, providing monetary liquidity and supervising preparation of governmental fees and resources and developing them.