Dubai World has now successfully made the final payment of $8.2 billion to creditors, which is an amazing two years ahead of schedule and also completing a debt restructuring that had weighed on the emirate for almost a decade.
The conglomerate made the payment – due in September 2022 – using funds from asset sales, dividend payments and the delisting of port operator DP World Ltd. The company has repaid $18.9 billion to creditors since 2011.
“The full repayment represents an important milestone for both Dubai World and for Dubai,” Dubai World Chairman Sheikh Ahmed Bin Saeed Al Maktoum said in the statement. “Dubai World will focus on streamlining and strengthening its efforts to deliver long-term value for all stakeholders.”
