While refinancing had been offered, Dubai World determined the cost of capital was not competitive and instead elected to repay the outstanding amount under the loan of $890m from its operating reserves on December 11, 2008.
The loan facility was established one year earlier to help finance the purchase of a 9.4% stake in MGM Mirage by Infinity World, a subsidiary of Dubai World.
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Dubai World repays outstanding balance on $1.2bn loan facility
- United Arab Emirates: Monday, December 15 - 2008 at 16:51
- PRESS RELEASE
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Last week Dubai World repaid the outstanding balance on a $1.2bn loan facility arranged and underwritten jointly by Royal Bank of Scotland, Credit Suisse and Deutsche Bank.
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Posted by Rana MesbahMonday, December 15 - 2008 at 16:51 UAE local time (GMT+4)
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About Dubai World
Dubai World is Dubai's global investment flag bearer focusing on five strategic growth areas: Transport & Logistics, Drydocks & Maritime, Urban Development, Investment & Financial Services, and Energy & Natural Resources.
Its portfolio comprises some of the world's best known companies, including DP World, Drydocks World & Maritime World, Economic Zones World, Nakheel, Leisurecorp, Istithmar World and Dubai Natural Resources World.
Dubai World's strategy is driven by a combination of pragmatic acquisitions and prudent investments and its corporate philosophy is based on strong fundamentals, best ethical practices and integrity.
For further information, kindly contact:
Media Department
Dubai World
PO Box 17000
Dubai, UAE
Tel: +971 4 8818808
Fax: +971 4 8817722
Dubai World is Dubai's global investment flag bearer focusing on five strategic growth areas: Transport & Logistics, Drydocks & Maritime, Urban Development, Investment & Financial Services, and Energy & Natural Resources.
Its portfolio comprises some of the world's best known companies, including DP World, Drydocks World & Maritime World, Economic Zones World, Nakheel, Leisurecorp, Istithmar World and Dubai Natural Resources World.
Dubai World's strategy is driven by a combination of pragmatic acquisitions and prudent investments and its corporate philosophy is based on strong fundamentals, best ethical practices and integrity.
For further information, kindly contact:
Media Department
Dubai World
PO Box 17000
Dubai, UAE
Tel: +971 4 8818808
Fax: +971 4 8817722
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