(Adds detail, quotes from officials)
DUBAI, Feb 20 (Reuters) - The emirate of Dubai has
redeemed a $750 million sukuk, or Islamic bond, and paid back
early an additional $300 million of sukuk, its media office said
on Monday, as its economy continues to rebound from the COVID-19
pandemic.
The Public Debt Management Office redeemed the sukuk
which was issued on Jan. 30 2013, the media office said, while
the early repayment of $300 million was almost four years ahead
of maturity in November 2026.
"Dubai government's commitment to the timely settlement of
financial obligations and the prepayment of such obligations
before their due date reflects its strong financial position and
robust risk management strategy," Abdulrahman Al Saleh,
director-general of Dubai's department of finance said in
comments tweeted by the media office.
Dubai's economy has rebounded swiftly from the COVID-19
pandemic, with GDP growing 4.6% on the year for the first nine
months of 2022.
In January, Dubai's ruler Sheikh Mohammed bin Rashid Al
Maktoum launched a new economic plan for the next decade called
D33 with ambitious targets for attracting foreign direct and
increasing foreign trade. The city-state is a regional commercial and tourism hub, but
its dependence on sectors such as travel, hospitality, and real
estate makes it more vulnerable to global economic shocks, and
it does not have the advantage of boosting its coffers through
oil revenue like neighbouring Abu Dhabi.
(Reporting by Mahmoud Mourad and Rachna Uppal; Editing by
Emelia Sithole-Matarise)
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