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Dubai Holding Says Unit To Repay 750m Euro Bond

Dubai Holding Says Unit To Repay 750m Euro Bond

Dubai Holding was hit hard by Dubai’s property market crash and corporate debt troubles of 2008-2010.

The flagship company in the ruler of Dubai’s personal business empire, Dubai Holding, will repay a 750 million euro ($1.04 billion) bond maturing in January 2014 from available funds, Dubai Holding said in a statement on Wednesday.

Following the repayment, the unit, Dubai Holding Commercial Operations Group (DHCOG), will only have one bond outstanding, a 500 million pound ($805 million) issue maturing in 2017, the statement issued to Nasdaq Dubai said.

DHCOG was hit hard by Dubai’s property market crash and corporate debt troubles of 2008-2010, but the local economy has been recovering since then and the company’s 2012 profit surged to Dhs1.2 billion ($327 million) from Dhs204 million in 2011.

It incorporates hotels group Jumeirah, business park TECOM Investments and Emirates International Telecommunications aside from a real estate division, Dubai Properties Group.

Earlier on Wednesday, Jumeirah Group said it had raised a $1.4 billion unsecured syndicated loan due in 2019 that would help fund its expansion and also be used in part for the general corporate purposes of DHCOG.

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