Dubai says it has repaid US$1 bil. aviation bond

The sheikdom said Sunday it has repaid in full the Dubai Civil Aviation Authority bond, known as a sukuk, which was due last Wednesday.

Dubai late last month issued US$1.93 billion in new debt that could be used to refinance older loans.

Creditors are closely monitoring Dubai's ability to cover at least US$80 billion of boom-era debt as a sign of the sheikdom's creditworthiness.

Finance Department Director General Abdulrahman al-Saleh says investor interest in Dubai's latest capital-raising efforts highlights the “achievements and bright prospects of Dubai.”

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